Interest or penalty on late payment of mvat
This query is : Resolved
18 February 2012
Respected Sir,
What is the inerest rate on late payment of MVAT & CST?
and How to calculate it?
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.
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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.
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19 April 2016
12% stands for wot??
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1 times
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