Vat audit

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sapna (Querist)
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02 January 2013 I have a Quarterly Vat Return paying company for the year 2011-12. It has got vat liability in the first quarter, nil liab. in second quarter, again vat liab. in third quarter and some refund in the fourth quarter. No payment after this have been made yet. So, what should be the period for which interest is to be calculated for the first quarter and third quarter?

Prakash Kochar

Prakash Kochar (Expert)
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05 January 2013 Interest liability arises on tax payable with return for 1 st and 3rd Quarter, from due date of tax payable till date of payment of tax.

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