India steps-up VAT compliance with more fines
- 5 October 2013 | Richard Asquith
Following a recent increase in the number of Indian VAT audits, a new range of fines has been introduced to help improve the weak compliance record of many firms.
New Indian VAT registrations and returns penalties
From 12 September, Delhi will introduce increased fine regime, including:
Late Indian VAT registrations will attract a daily fine of 500 rupees
A fine of 500 rupees for every day a VAT registration is not correctly kept up-to-date or reflects a businesses’ changed status
Late Indian VAT returns will suffer a daily fine of 500 rupees per day
There will be a forgiveness amnesty for companies which voluntarily come forward to declare any overdue compliance obligations.