Late filing mvat payment and return
This query is : Resolved
16 September 2014
Dear Expert,
Proprietor not paid MVAT payment and return ,now he paid MVAT payment,so how much interest and penalty paid.???
It's Urgent.
Proprietor not paid MVAT payment and return ,now he paid MVAT payment,so how much interest and penalty paid.???
It's Urgent.
17 September 2014
There is an Amnesty scheme in force upto 30th September 2014 in Maharashtra for MVAT Returns not filed upto Feb 2014. Such assessees can file their Returns with a Penalty of Rs 1000/- Per Return along with Payment of all taxes.
Check all the details on VAT Official website mahavat.gov.in You will get all the details about this Return filing scheme & also about your Interest payments
Check all the details on VAT Official website mahavat.gov.in You will get all the details about this Return filing scheme & also about your Interest payments
17 September 2014
Dear export
please give mi detail info.not understand.
please give mi detail info.not understand.
02 August 2024
When a proprietor fails to file MVAT (Maharashtra Value Added Tax) returns and make payments on time, they are subject to interest and penalties. Here’s how to handle the situation:
### **1. Interest on Late Payment of MVAT:**
- **Interest Rate:** Under MVAT, interest is typically charged at **1.5% per month** or part of a month on the outstanding tax amount.
- **Calculation:** The interest is calculated from the due date of the payment until the date of actual payment.
**Example Calculation:**
- **Tax Due:** ₹10,000
- **Delay Period:** 6 months
- **Interest Rate:** 1.5% per month
- **Interest Calculation:**
- ₹10,000 × 1.5% × 6 months = ₹900
### **2. Penalty for Late Filing of MVAT Return:**
- **Penalty for Delay in Filing Returns:**
- **First Delay (Up to 1 Month):** Penalty of ₹500.
- **Subsequent Delays (More than 1 Month):** Penalty of ₹1,000 for each month or part thereof beyond the initial delay.
**Example Calculation:**
- **Delay in Filing:** 3 months
- **Penalty Calculation:**
- ₹500 (for the first month) + ₹1,000 × 2 (for the next 2 months) = ₹2,500
### **3. Payment and Reporting:**
1. **Paying the Tax and Penalties:**
- **Make Payment:** Pay the outstanding tax amount along with the calculated interest and penalty through the designated MVAT payment portal or bank.
2. **Filing the Return:**
- **File MVAT Return:** Submit the MVAT return online through the Maharashtra Goods and Services Tax (MGST) portal or the MVAT portal, including all due tax, interest, and penalties.
### **4. How to Calculate:**
**Interest and Penalty Calculation Steps:**
1. **Determine the Amount Due:** Calculate the total tax due.
2. **Calculate Interest:** Apply the interest rate to the due tax amount for the number of months delayed.
3. **Calculate Penalty:** Apply the penalty based on the number of months delayed in filing the return.
4. **Total Payment:** Sum up the tax amount, interest, and penalties to determine the total amount payable.
### **Example Summary:**
- **Tax Due:** ₹10,000
- **Interest:** ₹900 (for 6 months at 1.5% per month)
- **Penalty:** ₹2,500 (for 3 months delay)
- **Total Payment:** ₹10,000 (tax) + ₹900 (interest) + ₹2,500 (penalty) = ₹13,400
### **Note:**
Regulations and rates can be subject to change, and local or updated rules may apply. Therefore, it's advisable to verify the current rates and rules on the Maharashtra State Sales Tax Department website or consult with a tax professional to ensure accurate calculations and compliance.
### **1. Interest on Late Payment of MVAT:**
- **Interest Rate:** Under MVAT, interest is typically charged at **1.5% per month** or part of a month on the outstanding tax amount.
- **Calculation:** The interest is calculated from the due date of the payment until the date of actual payment.
**Example Calculation:**
- **Tax Due:** ₹10,000
- **Delay Period:** 6 months
- **Interest Rate:** 1.5% per month
- **Interest Calculation:**
- ₹10,000 × 1.5% × 6 months = ₹900
### **2. Penalty for Late Filing of MVAT Return:**
- **Penalty for Delay in Filing Returns:**
- **First Delay (Up to 1 Month):** Penalty of ₹500.
- **Subsequent Delays (More than 1 Month):** Penalty of ₹1,000 for each month or part thereof beyond the initial delay.
**Example Calculation:**
- **Delay in Filing:** 3 months
- **Penalty Calculation:**
- ₹500 (for the first month) + ₹1,000 × 2 (for the next 2 months) = ₹2,500
### **3. Payment and Reporting:**
1. **Paying the Tax and Penalties:**
- **Make Payment:** Pay the outstanding tax amount along with the calculated interest and penalty through the designated MVAT payment portal or bank.
2. **Filing the Return:**
- **File MVAT Return:** Submit the MVAT return online through the Maharashtra Goods and Services Tax (MGST) portal or the MVAT portal, including all due tax, interest, and penalties.
### **4. How to Calculate:**
**Interest and Penalty Calculation Steps:**
1. **Determine the Amount Due:** Calculate the total tax due.
2. **Calculate Interest:** Apply the interest rate to the due tax amount for the number of months delayed.
3. **Calculate Penalty:** Apply the penalty based on the number of months delayed in filing the return.
4. **Total Payment:** Sum up the tax amount, interest, and penalties to determine the total amount payable.
### **Example Summary:**
- **Tax Due:** ₹10,000
- **Interest:** ₹900 (for 6 months at 1.5% per month)
- **Penalty:** ₹2,500 (for 3 months delay)
- **Total Payment:** ₹10,000 (tax) + ₹900 (interest) + ₹2,500 (penalty) = ₹13,400
### **Note:**
Regulations and rates can be subject to change, and local or updated rules may apply. Therefore, it's advisable to verify the current rates and rules on the Maharashtra State Sales Tax Department website or consult with a tax professional to ensure accurate calculations and compliance.
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