21 January 2008
If there is delay, interest for delayed payment will have to be paid, which cannot be waived. Though there is no mandatory penalty for delay in registration, penalty upto Rs. 1,000 can be imposed under section 77. In addition, penalty of Rs. 100 per day can be imposed for late payment of tax, under section 76. In case of suppression of facts, wilful mis-statement, fraud and collusion, higher penalty is payable under section 78.
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