Late filing of vat returns
This query is : Resolved
28 December 2013
Dear Sir
If we pay and file VAT return late by one month, what is the rate of interest government will charge us.
Thanking You
Amruth Kumar
If we pay and file VAT return late by one month, what is the rate of interest government will charge us.
Thanking You
Amruth Kumar
29 December 2013
Dear Amruth,
different states have different VAT laws/rules. Which state are you referring to?
different states have different VAT laws/rules. Which state are you referring to?
29 December 2013
Kindly be specific with the query....
30 December 2013
Dear Sir
I want to know about the Late fee for late filing of VAT returns of Andhra Pradesh.
I want to know about the Late fee for late filing of VAT returns of Andhra Pradesh.
30 December 2013
Dear Sir,
Question is if we did VAT filing late by 2 months, what is the fine or interest rate charged by govenment of andhra pradesh.
Thanking you
Amruth Kumar
Question is if we did VAT filing late by 2 months, what is the fine or interest rate charged by govenment of andhra pradesh.
Thanking you
Amruth Kumar
02 August 2024
In Andhra Pradesh, the interest and penalties for late filing of VAT returns and payment of VAT are governed by the VAT Act and associated rules. Here’s a breakdown of the charges you might face if you file and pay VAT returns late:
### **1. Interest on Late Payment of VAT**
- **Interest Rate**: As per the Andhra Pradesh VAT Act, if VAT is not paid within the due date, interest is generally charged at the rate of 1% per month or part of a month. This interest is computed on the outstanding VAT amount.
### **2. Penalty for Late Filing of VAT Return**
- **Late Filing Penalty**: For late filing of VAT returns, the Andhra Pradesh VAT Act specifies the following penalties:
- **₹1,000** for delay up to 1 month.
- **₹2,000** for delay exceeding 1 month but within 2 months.
- **₹5,000** for delay exceeding 2 months but within 3 months.
- **₹10,000** for delay beyond 3 months.
### **3. Specifics for Delay**
- **Delay by 1 Month**: If you file and pay VAT returns late by one month, you will likely incur the penalty of ₹1,000 plus interest on the unpaid VAT amount.
- **Delay by 2 Months**: For a delay of two months, the penalty would increase to ₹2,000, in addition to the interest on the unpaid VAT amount.
### **4. Additional Considerations**
- **Interest Calculation**: Interest is calculated on the outstanding VAT amount for each month or part of a month that the payment is delayed. For accurate calculations, you need to check the outstanding VAT amount and compute interest accordingly.
- **Penalties and Interest**: The penalty and interest are separate, and both may apply. Ensure that both the VAT amount and the additional charges (interest and penalties) are paid to avoid further legal action.
### **5. How to Check and Pay**
- **Online Portal**: You can check the specific penalties and interest through the Andhra Pradesh VAT online portal or consult with the local VAT office for exact amounts.
- **Consult Tax Professional**: It’s also advisable to consult a tax professional to ensure that you comply with all legal requirements and accurately calculate the penalties and interest.
### **Summary**
- **Interest Rate**: 1% per month or part thereof on outstanding VAT.
- **Penalty**: ₹1,000 for up to 1 month delay; ₹2,000 for up to 2 months delay; ₹5,000 for up to 3 months delay; ₹10,000 for beyond 3 months delay.
Ensure timely filing and payment to avoid these penalties and interest.
### **1. Interest on Late Payment of VAT**
- **Interest Rate**: As per the Andhra Pradesh VAT Act, if VAT is not paid within the due date, interest is generally charged at the rate of 1% per month or part of a month. This interest is computed on the outstanding VAT amount.
### **2. Penalty for Late Filing of VAT Return**
- **Late Filing Penalty**: For late filing of VAT returns, the Andhra Pradesh VAT Act specifies the following penalties:
- **₹1,000** for delay up to 1 month.
- **₹2,000** for delay exceeding 1 month but within 2 months.
- **₹5,000** for delay exceeding 2 months but within 3 months.
- **₹10,000** for delay beyond 3 months.
### **3. Specifics for Delay**
- **Delay by 1 Month**: If you file and pay VAT returns late by one month, you will likely incur the penalty of ₹1,000 plus interest on the unpaid VAT amount.
- **Delay by 2 Months**: For a delay of two months, the penalty would increase to ₹2,000, in addition to the interest on the unpaid VAT amount.
### **4. Additional Considerations**
- **Interest Calculation**: Interest is calculated on the outstanding VAT amount for each month or part of a month that the payment is delayed. For accurate calculations, you need to check the outstanding VAT amount and compute interest accordingly.
- **Penalties and Interest**: The penalty and interest are separate, and both may apply. Ensure that both the VAT amount and the additional charges (interest and penalties) are paid to avoid further legal action.
### **5. How to Check and Pay**
- **Online Portal**: You can check the specific penalties and interest through the Andhra Pradesh VAT online portal or consult with the local VAT office for exact amounts.
- **Consult Tax Professional**: It’s also advisable to consult a tax professional to ensure that you comply with all legal requirements and accurately calculate the penalties and interest.
### **Summary**
- **Interest Rate**: 1% per month or part thereof on outstanding VAT.
- **Penalty**: ₹1,000 for up to 1 month delay; ₹2,000 for up to 2 months delay; ₹5,000 for up to 3 months delay; ₹10,000 for beyond 3 months delay.
Ensure timely filing and payment to avoid these penalties and interest.
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