VAT Liability

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Jayesh (Querist)

22 October 2010 We are a private limited company & have not filed Mvat return due on 21-Oct-10.

After working out purchase set off still we need to pay around Rs.60,000/- towards Mvat. Please note that all out sales on which we have collected vat was done in May-10 however money towards the said sale was received in August-10.

We also have refund due for last 2 years amounting Rs.1,10,000.

My questions are

1.How do we pay VAT now ? Can we adjust our current payment against the earlier refund due from dept ?

2. What will be the penalty / Interest for this late payment of Vat ?

3. Can we file the return even without making the said payment today ?

Please reply at earliest. thanks in advance.

Regards,
Lalit

B R Ramesh

B R Ramesh (Expert)

23 October 2010 HI

A. VAT payable is on billed or issued tax invoice amount not on received amount.
1.you can not adjust the amount of previous years only you should obtain the refund from the department.
2.interest and penalty will be 1.25% per month & 10 % penalty for clear details please contact concerned CTO
3.you cant file the return with out payment of VAT.

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