Penalties under Punjab VAT Act, 2005

AMIT BAJAJ 19 Jun 2012 19,093 Views 0 comment Print Goods and Services Tax | Articles, Featured

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Herebelow we are sharing a complete chart showing the penalties under Punjab VAT Act, 2005 for the benefit of all readers.

Offence	Penalty (In addition to tax and interest)	Section
Failure to Register	An Amount equal to Tax due	52, 21
Failure to Pay tax when due	A Sum @ 2% per month on tax	53
Failure to deduct/deposit TDS	A sum equal to amount deductible	27(6)
Failure to furnish return or annual statement	An amount of Rs. 100 per day subject to maximum of Rs 10000	54(a)
Failure to furnish proof of payment of tax along with the return or annual statement	An amount of Rs. 100 per day subject to maximum of Rs 10000	54(b)
Failure to rectify any error or omission in any return or annual statement	An amount of Rs. 100 per day subject to maximum of Rs 10000	54(c)
Failure to comply with requirements of any notice issued under this Act	An amount of Rs. 100 per day subject to maximum of Rs 10000	54(d)
Unauthorized collection of tax	An amount equal to 1.5 times of the tax so collected	55
Concealment of any particulars from any return in order to evade or avoid tax	An amount equal to twice the amount of tax assessed	56(a)
Furnishing incorrect particulars		56(b)
Concealment of sale or purchase transactions from account books		56(c)
Non maintenance of intelligible accounts which prevents assessment of tax due		56(d)
Claim of ITC, which is not entitled to		56(e)
Claim of Refund, which was not due		56(f)
Claim for tax credit, not actually paid		56(g)
Failure to issue invoice for any sale transaction	Higher of Rs. 2000 or double the amount of tax.	57(1), 45
Issue of or receipt of or use of a false invoice, knowingly	Higher of Rs. 5000 or double the amount of tax	57(2)
Use of false registration number or use of registration of another person	An amount equal to tax evaded	58
Provisional refund, non compliance	A sum equal to 2% per month	39(1A)
Failure to make payment of the assessed tax, interest or penalty or any other amount within 30 days of service of demand notice	A sum equal to 2% per month	59
Failure to comply with any provisions or Rules or order or direction for which no penalty is provided	An amount not exceeding Rs. 10000 subject to minimum of Rs. 1000 with additional amount of Rs. 100 per day of non compliance	60
Documents not proper/genuine at ICC	Equal to 30% of the value of goods	51(7)
Non submission of documents at ICC	Equal to 50% of the value of goods	51(7)
Failure to deliver transit-slip at exit ICC	Equal to 50% of the value of goods	51(4)

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(Author – Amit Bajaj Advocate, Bajaj & Bajaj Advocates, 128, Sangam complex, Milap chowk, Jalandhar City (Punjab), Email: amit@amitbajajadvocate.com, M +919815243335)

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