Can penalty amount be adjusted

This query is : Resolved

Guest

Guest (Querist)

15 December 2013 If Vat return is late filed say Qtr-1, then there is imposition of penalty of Rs. 5000/- for late filing of vat return. My question is can this amount of penalty paid be adjusted against vat amount payable of next Qtr. please explain.

Shriram Gupta

Shriram Gupta (Expert)
Follow

15 December 2013 Dear Prjakta,
First thing keep in mind that Penalty paid on non-compliance of any law is not adjustable..
Secondly if we talk about Maharashtra Value Added Tax, a dealer filing return late has to pay penalty (LATE FEE) of Rs.5000...
The word in bracket is late fee.. it is because penalty can be waived off if sufficient cause is shown to the adjudicating authority but since now it is late fee It can not be waived off..
So it will not be possible to adjust the penalty paid..

Message likes : 1 times