Interest on nonpayment of vat recovered from buyer.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2015 The seller has recovered tax on sales bill from buyer and did not pay the tax. Also not showed the sales turnover on the return how much interest is levied on this, if the tax amount is 30000 and the sales belong to April 2013 to october 2013.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 December 2015 It depends on the state VAT act. it will vary state to state

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2015 ITS under MVAT Maharashtra VAT I just want to know interest rate for this delay..

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 December 2015 Notification No.VAT.1515/CR-81/Taxation-1 dated 05-11-2015 revising the late payment interest rates slabwise viz. for delay of first month @ 1.25% p.m., for next two months @ 1.50% p.m. and thereafter @2% p.m w.e.f. 1st December 2015.