Rate of Interest for delayed payment of Works Contract Tax

CA Vivekanand Pote (Service) (356 Points)

16 February 2011  

Works Contract Tax is required to be ddeducted as per Section 31 of MVAT. The payment is required to be made within 21 days from the end of the month in which WCT TDS is deducted. Please tell what is the rate of interest if WCT TDS is deducted but not paid within 21 days and it is delayed.