Penalty on late payment of vat
This query is : Resolved
24 March 2013
If I am supposed to pay VAT for purchase on 27/07/2010 and If I actually paid it on 30/10/2012 then how much penalty I have to pay under MVAT act (maharashtra) on the tax liability Rs. 29500 ?
MJ Krishnamurthy
(Expert)
27 March 2013
Penalty od an equal to the tax avoided i.e. Rs29,500/- and interest @ 1.25%/pm can be levied due to the ommission you have mentioned in the query.....mjk
08 April 2013
Yes I agree with the expert
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