Penalties and interest

Penalties: [Rule 48(1) & (2)]

 

Offence Penalty
Failure   to issue bill, invoice or cash memo Not exceeding double the amount of tax

Payable

Failure   to apply for registration Not   exceeding 10 times of the LBT payable

by the   dealer during unregistered period

Failure  to  comply    with  any  notice    in

respect   of proceedings

Not   exceeding Rs.  10,000/-
Failure   to disclose entry of goods on which

LBT   is   leviable     or   failure   to     show

appropriate   liability in the return, claiming

inaccurate   deduction or refund

 

Not exceeding 5 times the amount of LBT

Payable

 

Knowingly   producing or issuing false bill,

voucher, or any other documents which

reduces   the tax liability

a. In case of first occasion, penalty not

exceeding   twice the amount of LBT due

 

b. In case of subsequent occasion, penalty

not exceeding five times the amount of

LBT due.

 

Furnishing a declaration or certificate to

claim      exemption    from    LBT      and

 

Not exceeding five times of LBT leviable

 

Failure    to    furnish      returns    within prescribed   time

 

Not   exceeding Rs.  5,000/-

 

 

Failure to maintain accounts or records as per the   direction of the Commissioner

 

Rs. 5,000/-

or

double the amount of LBT payable

(whichever is less)

 

 

Collection   of LBT in excess of tax payable                                                                          or

or collection on exempted goods

 

Rs.   2,000/-

or

double   the amount of LBT payable

(whichever   is less)

 

 

 

 

Interest: [Rule 48(3)]

 

Period of Default Rate of Interest
Late payment upto first 12 months from the due

date

2% per   month
Late   beyond 12 months from the due date 3% per   month
Late   payment of tax found due as per Assessment

Order

2% per   month from 01st April of the

next year to which the Assessment

Order   relates

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>