Interest & penalty for late payment of vat in karnataka

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Guruprasad (Querist)
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19 October 2011 Hi Dears

Can any one suggest what is the rate of interest for late payment of VAT after due date & filing the return after the date

Please also let me know if any penalty has to be paid.

ACMA Obulirajan R

ACMA Obulirajan R (Expert)
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19 October 2011 Interest for late payment of VAT 1.25% pm

72. Penalties relating to returns.- (1) A dealer who fails to furnish a return or who
fails to pay the tax due on any return furnished as required under Section 35 shall be liable
to a 1[penalty not exceeding two hundred rupees] for each day of default in addition to a
further penalty of a sum not less than ten per cent but not exceeding fifty per cent of the
amount of tax due, together with any tax or interest due.