Rajasthan vat interest rate for late vat payment
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 May 2013
how many rajasthan vat interest rate for late vat payment?
please urgent!!!!!!!!!!!!
please urgent!!!!!!!!!!!!
13 July 2013
INTEREST, PENALTIES, COMPOSITION AND PROSECUTION
55. Interest on failure to pay tax or other sum payable
(1) Where any person or a dealer commits a default in making the payment of any amount of-
(a) tax leviable or payable; or
(b) any amount of tax, fee, penalty or interest assessed or determined; or
(c) any other amount payable by him,
within the specified time under the provisions of this Act or the rules made or notifications issued thereunder, he shall be liable to pay interest on such amount at such rate, as may be notified by the State Government from time to time, for the period commencing from the day immediately succeeding the date specified for such payment and ending with the day on which such payment is made.
(2) Subject to the provisions of sub‑section (2) of section 66, interest under sub‑section (1) shall be calculated-
(a) at the time of assessment under any section or in continuation of such assessment; and
(b) on payment including the adjustment of a demand in full.
(3) The liability to pay interest under the provisions of this section shall also arise for a period which is less than a month.
(4) Where a dealer, registered under this Act, has wrongly availed input tax credit or has been granted an erroneous refund in any manner, such dealer shall be liable to pay interest, at such rate as may be notified by the State Government from time to time, on the amount of wrongly availed credit or the amount of such refund as the case may be and such interest shall be calculated from the first day of the month succeeding the month in which the credit was wrongly availed or the refund was erroneously granted till the day on which such payment is made.
55. Interest on failure to pay tax or other sum payable
(1) Where any person or a dealer commits a default in making the payment of any amount of-
(a) tax leviable or payable; or
(b) any amount of tax, fee, penalty or interest assessed or determined; or
(c) any other amount payable by him,
within the specified time under the provisions of this Act or the rules made or notifications issued thereunder, he shall be liable to pay interest on such amount at such rate, as may be notified by the State Government from time to time, for the period commencing from the day immediately succeeding the date specified for such payment and ending with the day on which such payment is made.
(2) Subject to the provisions of sub‑section (2) of section 66, interest under sub‑section (1) shall be calculated-
(a) at the time of assessment under any section or in continuation of such assessment; and
(b) on payment including the adjustment of a demand in full.
(3) The liability to pay interest under the provisions of this section shall also arise for a period which is less than a month.
(4) Where a dealer, registered under this Act, has wrongly availed input tax credit or has been granted an erroneous refund in any manner, such dealer shall be liable to pay interest, at such rate as may be notified by the State Government from time to time, on the amount of wrongly availed credit or the amount of such refund as the case may be and such interest shall be calculated from the first day of the month succeeding the month in which the credit was wrongly availed or the refund was erroneously granted till the day on which such payment is made.
09 December 2014
Origional Vat return under Rajasthan vat filed nil within the prescribed period now revised return to be file with turnover for the period april 2014 to june 2014
is there any penalty for submitting revised return for same period ?
is there any penalty for submitting revised return for same period ?
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