22 October 2009
What is the penalty for non-filing of DVAT Return for past 2 years? Can we adjust input credit of VAT available with the penalty amount?
26 October 2009
Section 86 [(9) If a person required to furnish a return under Chapter V of this Act (a) fails to furnish any return by the due date; or (b) fails to furnish with a return any other document that is required to be furnished with the return; or (c) being required to revise a return already furnished, fails to furnish the revised return by the due date; the person shall be liable to pay, by way of penalty, a sum of one hundred rupees per day from the day immediately following the due date until the failure is rectified: PROVIDED that the amount of penalty payable under this sub-section shall not exceed ten thousand rupees.
I think input credit can't be adjusted against penalty.
CAclubindia
