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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