In Karnataka, if the VAT was paid after 10 days of due date, what will be other penalties, charges, interests etc. ? Please help.
4 Replies
K.M.CHANDRAN
(CHANDRAN&CO)
(113 Points)
Replied 17 February 2012
Your e-sugam filing will be affected. Lot of hassles to make it functional.You may have to visit Karnataka sales Tax office and then you know......
Shankar Reddy.V
(Tax consultant)
(81 Points)
Replied 17 February 2012
Hi Mr.Shukla
penalty is 10% of the tax due if default is more than 10 days, along with interest @ 1.5%, for better understanding refet to section 72(1) of KVAT Act,2003
Dhaval Shukla
(Be +ve)
(29 Points)
Replied 17 February 2012
Thank you Mr. Shankar Reddy. V for updates.
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