Mvat payment

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Nagaraju (Querist)
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13 February 2012 Hi...

I am a Sixmonthly MVAT return filer. I have a query regarding the payment of MVAT. If the MVAT payment is due in Jan 2012, when I have to pay the MVAT on or before 21st Feb 2012 or 21st April 2012. Please reply..

Thanks in Advance..

CA CS Pawan Jajoo

CA CS Pawan Jajoo (Expert)
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13 February 2012 You have to pay vat before 30th april.Its 30 days period for Six monthly filers.

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Nagaraju

Nagaraju (Querist)
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13 February 2012 Hi Pawan,

Thanks for the reply.

I have one more query. What is the interest rate for late payment of MVAT.

Please reply...

Prakash Kochar

Prakash Kochar (Expert)
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14 February 2012 (1) The rates of interest shall be one and a quarter per cent. of the amount of delayed payment of tax, for each month or for part thereof u/r.88.

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CA CS Pawan Jajoo

CA CS Pawan Jajoo (Expert)
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14 February 2012 Yes interest is to be by making daywise calculation @ 1.25 % p.m