Penalty for Delayed Payments of Monthly VAT

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  1. hiiiiiiii all of you......

    please tell me ,what is the penalty rate for delay payment of vat payable on monthly returns and delay filing of vat returns after the due date
     
  2. Shishir Nayak

    Shishir Nayak Member

    Delaying in remittance of VAT collected attracts intrest rate at 1.5% per month(18% PA).

    Penalty for non-filing of vat returns is dealt by Section 72 of Karnataka VAT ACT. Penalty is only if dealers dont take filing seriously and delayed in filing is due to unavoidable reasons.
     
  3. thank you............
     
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