GSTN-20160323 NOTIFICATION OF PENALTY DUE TO FAILURE/LATE PAYMENT OF GOODS AND SERVICES TAX
Lately New rules
As long late submittion no matter due to any reasons panealty as i know off as below:-
1st period RM 1,000
2nd period RM 2,000
3rd period RM 5,000
4th period and above can be up Rm 50,000
No negotiation.
Suggestion no matter what happen fire or loss data must be submitted and amended it later.
2/03/2016
In accordance with amendments made to Section 41 of the Goods and Services Tax Act 2014, with effect from 1/1/2016 failure to pay the amount of goods and services tax to be paid within the period specified will be penalized. Imposition of penalties will start for the taxable period for which tax payments are due and payable on 31/1/2016.
The calculation of the penalty will be based on the number of days the tax due is not paid as per the table below:-
|
NUMBER OF DAYS TAX DUE IS NOT PAID |
RATES OF PENALTY (%) |
|
1 - 30 |
5 |
|
1 - 60 |
15 |
|
1 - 90 |
25 |
|
> 90 |
25 (maximum) |