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Sales Tax is a type of indirect tax applicable on goods being sold in India. There are two types of Taxes, one is the Central Sales Tax (CST) and the other is the Value Added Tax (VAT) or TIN which is the state sales tax. We at SunBrio will assist you in filing these returns and making the respective tax payments in order to avoid heavy fines and penalties. VAT is payable to the state government and whereas the CST is payable to the central government. VAT or TIN or CST are governed by the same registration number and hence are filed under the same returns.
Charging VAT or CST is mandatory in most states for traders or manufacturers dealing in goods and having a turnover of Rs. 5 Lakhs (Rs. 10 Lakhs in some states). Anyone who avails the VAT/TIN and CST registration must file returns before the due date to avoid fines and penalties. Depending upon the registration and turnover, a monthly, quarterly, half yearly or annual return needs to be filed along with the respective Tax payment to the concerned Tax department. Filing VAT & CST returns is mandatory for all registration holders even if no tax is payable for that period.
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Frequently Asked Questions
What are the due dates of MVAT Payments?
21st of the month following the tenure for which the sales tax needs to be paid. For e.g. If the payment is to be made for January, then 21st of February is its due date. If it is paid quarterly, then for the first quarter which is from April to June, 21st July is the due date. This changes to 30th if it is paid six monthly.
What is the interest charged for late payment of returns and vat-cst-tin?
The interest charged is at 1.25% pm from the due date of payment to the actual date of payment.