Interest on late payment of vat in vat 100 return

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balakrishna (Querist)
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25 September 2015 Dear all,

I paid the K.VAt with interest on late payment.

Now i am Filing VAT return ,I need where I have to show my Interest in VAT 100 Return.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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25 September 2015 Mr Balakrishna,In col 5.2 interest and penalty in col 5.3 and total amount of tax interest and penalty in col 5.4 of VAT 100 form..........mjk

balakrishna

balakrishna (Querist)
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25 September 2015 dear sir,
I am filing the VAT retun Regarding June-15

I make only interest payment @1.5% Pm

Is there any penalty also I need to pay?

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MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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25 September 2015 Penalty is payable by a levy by the assessing authority if the difference in tax is more 5% of the amount actually payable/assessed, not in the returns.Only interest is madatory to be paid with the reurns...mjk