Hi All,
I have just taken a Pvt Ltd name from some1, vat & Cst number in this company was taken in 2014 but due to no business activity till now the earlier onwer had not file even nil return of Vat & cst..
my question is if I start using this number for my trading business purpose, will there be any chance of penalty for not filing nil return for last 3 years??? if yes what will be the amount ??
Potential Penalties for Unfiled Nil VAT & CST Returns: Appeal for Waiver Due to Inactivity Suggested A user inquired about potential penalties for not filing nil VAT and CST returns for a company acquired in Maharashtra, where no business activity occurred for three years. Responses indicated that VAT rules vary by state, but generally, a penalty of 5,000 per unfiled return is common. The user asked about consolidating penalties into one notice, and it was suggested to appeal to the assessing authority to waive penalties due to inactivity. Additional comments touched on Central Excise return filing requirements, noting that the annual return filing was waived for the current financial year. (AI Summary)
TaxTMI 
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