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Interest or penalty on late payment of mvat

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kirti (Querist)
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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

CA CS Pawan Jajoo (Expert)
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18 February 2012 Interest rate is 1.25% per month. First calculate the delay in days and apply the rate daywise.

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CA CS Pawan Jajoo

CA CS Pawan Jajoo (Expert)
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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.

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kirti (Querist)
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20 February 2012 thank you for reply sir

Siddharth Kishan Mane

Siddharth Kishan Mane (Expert)
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19 April 2016 12% stands for wot??

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