Penalty is a legal consequence imposed on someone for breaking the law or violating a contractual agreement.
It varies widely according to the situation and applicable laws.
Penalty is a legal consequence imposed on someone for breaking the law or violating a contractual agreement. Penalties can take many forms, such as a fine, imprisonment, or the loss of a privilege. It varies widely according to the situation and applicable laws. In criminal cases, penalties may range from fines to imprisonment; in civil cases, penalties commonly include monetary damages assessed to compensate victims of wrongdoing.
GST penalty is a fee imposed by the government on taxpayers who fail to pay Goods and Services Tax (GST) by the due date. It is calculated as a percentage of the amount outstanding, with different rates for different types of taxpayers.
The GST penalty rate for individuals and small businesses is 5% per month on the amount outstanding. Large businesses pay a higher rate of 10% per month on their overdue GST payments. In addition to this, late payment fees may be charged. These fees vary depending on the state or territory in which you operate.
A penalty is a consequence imposed on someone or something that has done wrong, whereas a fine is an amount of money that must be paid due to law-breaking. Penalties can be financial or non-financial, while fines are almost always monetary. It is also important to note that punishments issued by law enforcement or governmental agencies will often include both a penalty and a fine.