Penalty for return filing

jay (Querist) 26 March 2012 This query is : Resolved
I am trader in gujarat. I have also TIN no.
Since last 4 month i have not filed vat returns. i came to know that i have to pay 10000 penalty for 2 months for non-filing of vat return. I have huge credit in my vat credit account.

My Querry is Can i use vat credit for the adjustment of penalty of 10000??

Thanks

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Raj Kumar Makkad (Expert) 26 March 2012
You shall have to deposit penalty from a separate account and VAT credit fund account cannot be used for that purpose.

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