TMI BlogAdvance Receipt from CustomerX X X X Extracts X X X X X X X X Extracts X X X X ..... Under VAT my client has doing Construction business , he has received advances from his client, if delay payment of VAT amount (ADVANCE ) interest and Penalty is applicable - Reply By Pradeep Khatri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - The Reply = Dear Muniraj, If, payable tax under VAT Act read with Rules made thereunder, is not deposited to the exchequer within prescribed limit, then, at the time of assessment, interest and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enalties are levied/imposed. Generally, under VAT Act, tax is payable when any goods are sold, on receipt of advance, there is no provision to pay the tax unless until it is specified in the notifica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion itself. Please check KVAT provision to dig the correct position in this regard. Regards, Sameer Malhotra - Consultant ( YAGAY and SUN ) - Management, Business and Indirect Tax C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsultants - Advance Receipt from Customer - Query Started By: - MUNIRAJ SRINIVASAN Dated:- 6-2-2015 Value Added Tax - VAT-CST - Got 1 Reply - VAT and Sales Tax - Discussion Forum - Knowledge Shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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