What is penalty for non filing of VAT return?

What is penalty for non filing of VAT return?

On a first default, there is no fine to pay. But you do go into a ‘surcharge period’. This surcharge period lasts for 12 months. And if you default again during that time, you’ll either end up with an extended surcharge period or a financial penalty to pay.

How can I pay PT online in Gujarat?

Given below are the steps to pay professional tax online.

  1. Step 1: Log on to the official website.
  2. Step 2: Click Online payment.
  3. Step 3: Enter the PEC Number.
  4. Step 4: Details of the Due Amount.
  5. Step 5: Click on the Check Box.
  6. Step 6: Payment Method.
  7. Step 7: Click Confirm Button.

Are penalties subject to VAT?

Generally, if a vat-registered entity imposes a fine, the transaction will be subject to VAT if the fine relates to a supply of goods or services.So, if a fine or penalty is not paid in respect of goods or services supplied, it will not attract VAT.

How are VAT penalties calculated?

VAT penalties are additional fees that are added to your VAT tax bill in accordance with certain criteria. The amount you pay is calculated by multiplying the VAT arrears by a certain percentage. Every time you default on the payment, the percentage will rise accordingly.

What is the deadline for VAT returns?

The deadline for submitting the return online and paying HMRC are usually the same – 1 calendar month and 7 days after the end of an accounting period.

Can you still submit VAT returns online?

Submit your VAT Return online You need a VAT number and a VAT online account. You can then submit your VAT Return using HMRC ‘s free online service or commercial accounting software. You cannot use your online account to send your VAT Return if you’ve signed up for ‘Making Tax Digital for VAT’.

Who is exempted from professional tax in Gujarat?

Note on Schedule :- In Gujarat budget 1999 Finance Minister announced that “the society gets the benefit experience of senior citizens who remains active in their field. I propose exemption from profession tax to profession tax payers who have crossed the age of 65 years i.e senior citizens i.e more then 65 years age.

Can professional tax be claimed back?

You cannot get your professional tax back. But you can claim deduction of profession tax file filing your salary returns.

How to file VAT online in Gujarat?

Any individuals who would like to file their VAT, on behalf of a business, online can do so via the e-filing services available on the website of the Gujarat Commercial Tax Department. The first step that they will need to take is to register themselves. Once that is done they can e-file VAT the taxes online for a specific period.

What is the Value Added Tax in Gujarat?

Gujarat Value Added Tax. The Value Added Tax or VAT was a tax regime which was in existence before the uniform tax regime GST was operable in the country. VAT was levied on the producer of certain goods and materials and products in the country by the Government!

What is the Value Added Tax (VAT) in India?

VAT is applicable on all goods and products sold in the state, and the rates will depend on the products being sold and purchased. Any trader or dealer that has a sale or purchase turnover of a minimum of Rs. 5 lakhs is liable to pay VAT as per the VAT Act.

Who is liable to pay VAT in India?

Any individual who is in the business of trading of goods and products which has an annual turnover of Rs. 5 lakhs and taxable turnover that exceeds Rs. 10,000 in one financial year is liable to pay VAT compulsorily as per the VAT Act. They will need to register their business and the form they can use for such a registration will be Form 101.