VAT PENALTY
This query is : Resolved
02 April 2009
MY TURNOVER (5LACS) HAD EXCEEDED ON 11 SEPT 2008, BUT I HAD APPLIED FOR REGISTERATION ON 30 MARCH 2009, WHEN THE TURNOVER WAS 753000. IS THERE IS A PENALTY ON LATE APPLICATION FOR VAT.
04 April 2009
Section 29&30 of MVAT deal with peanalty & intrest. As per this section Any delaer who is liable to pay tax in respect of any year and who has failed to apply for registration or has failed to apply within the time specified shall be liable to pay by way of simple intrest in addition to amount of tax payble a sum equal to the prescribe rate of the amount of such tax for each month of or part therof for the period commencig on the 01st April of the respective year to the date of order of assement or date of payment of tax wichever is earlier. However total intrest amount shall not exceed the amount of tax found payble for the respective year.
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