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what diff. between panelty and interest in d-vat.what is
the rate of panelty and intrest?
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Answer Posted / manjula s.s.
Penalty and interest is differecnce, when the company run
pay sum amt of Entry tax or sales tax when written vat 100
form every month.In one month the tranjaction did not take
place in that month because of posting wrong entry or
negligence of accountant. some month after it is findout by
sales tax officer when he visit the company that time he
will charge penalty. it means we never cheating the
government. he charges some amt of penalty.
Interest it is charged by bank. When the company or a
person take some loan from bank he has to pay the interest
on that loan that is called interest.
I didn't have idea about the rate of penalty and interest.
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