09 December 2015
The seller has recovered tax on sales bill from buyer and did not pay the tax. Also not showed the sales turnover on the return how much interest is levied on this, if the tax amount is 30000 and the sales belong to April 2013 to october 2013.
10 December 2015
Notification No.VAT.1515/CR-81/Taxation-1 dated 05-11-2015 revising the late payment interest rates slabwise viz. for delay of first month @ 1.25% p.m., for next two months @ 1.50% p.m. and thereafter @2% p.m w.e.f. 1st December 2015.