Changes in Rate of Interest under MVAT
CA Sanjay Zanwar
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Under the Maharashtra Value Added Tax Act, 2002, every dealer is required to pay tax within the prescribed time. If payment of such tax is delayed, then interest under Section 30 of the Maharashtra Value Added Tax Act, 2002 is attracted. The dealer is liable to pay interest as per the rate prescribed in Rule 88(1) of Maharashtra Value Added Tax Rules, 2005.
The State Government has issued a Notification No. VAT 1515/CRÂ81/ Taxation-1, dated 5th November 2015 in this respect. By virtue of the said notification an amendment to sub-rule (1) of the Principal rule 88 under Maharashtra Value Added Tax Rules, 2005 is effected.
Earlier under rule 88(1) the rate of interest was one and a quarter percent of the amount of delayed tax payment. By this amendment the rates of interest prescribed under rule 88(1) for the purpose of subsection (1), (2) and (3) of section 30 of Maharashtra Value Added Tax Act, 2002 are revised. The said amendment is effective from 1st of December 2015. #xlsx
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