Interest or penalty on late payment of mvat

This query is : Resolved 
 

(Querist) 18 February 2012

Respected Sir,
What is the inerest rate on late payment of MVAT & CST?
and How to calculate it?



CA CS Pawan Jajoo (Expert) 18 February 2012

Interest rate is 1.25% per month. First calculate the delay in days and apply the rate daywise.

CA CS Pawan Jajoo (Expert) 18 February 2012

Suppose Your Due date is 21-04-2011 and you paid vat on 30-05-2011 then delay in days is 39 days, suppose tax payable is Rs. 10000 then int will be [(10000*1.25*12%)/365]*39that is 160.27 Rs.

kirti (Querist) 20 February 2012

thank you for reply sir

Siddharth Mane (Expert) 19 April 2016

12% stands for wot??



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