Monday, April 15, 2013

Penalties Explained

Here is the tabulated form of penalties (All the penalties of LBT Rules 2010 Covered)

Sr NoOffenceMaximum Penalty
1Not issuing BillDouble of LBT
2Not applied for RgistrationTen times of LBT
3Failed to comply with any noticeRs 10,000
4Failed to disclose any entry of goodsFive Times of LBT
5Claimed inaccurate refundFive Times of LBT
6Wrong Issue of Bill - First TimeDouble of LBT
7Wrong Issue of Bill - SubsequentFive Times of LBT
8Wrong Declaration or CertificateFive Times of LBT
9Non Filling of ReturnRs 5,000
10Contravenes provisions of section 152GRs 100 or Bill amt (higher)
11fails to maintain accountsRs 5,000 or 2 times LBT (lower)

The above table gives maximum penalty which can be levied, the amount can be reduced by the commissioner. As it is "PENALTY", A state of Guilty mind has to be proved by the department for levying any of the penalty.

A opportunity of being heard has to be given to the assessee before levy of penalty as per Rule 48.

If I have missed anyone please mention in comments the Rule No of which I have missed.

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