Interest On Late Payment of VAT ?

Dear Sanjiv,

The Interest will be charged @ 1.25% per month from the due date, in your case one months interest will be chargeble to you under MVAT.

Thanks Mr. Biren,

But how you have calculated one months, is it from due date i.e 21.05.2008 - 15.06.2008 then it doesn't come to one month.

please if you can provide me in excel format ----

vat payment   ----  due date -----  paid date ------- late days ------- interest.

Regards

Sanjiv.

Dear Mr. Sanjiv,

It is not depends on days it is only months if you late by one day than you have to pay interest for the 1 month.

Hi friends

If u have a exel file of form no. 221 of m vat act please send me the one.

Regards

vishal

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interst on vat late payment

ok  Can  the interest paid on delay of payment of  VAT  shown in P&L a/c?

IT SAYS INTEREST IS PAYABLE @ 1.25% PER MONTH OR PART OF THE MONTH ON TAX AMOUNT STARTING FROM THE DUE DATE.
 

any one can say that what exactly rate of interest on late payment of vat in Utter pradesh?

vat payment   ----  due date -----  paid date ------- late days ------- interest.rate

urjent friends

hello sir,

As we have paid vat litle for some day late 4 to 5 day ,as cansultation advice pay interest @ 15% per annum but calculated as per day, i.e. suppose paid late for 4 days he calculated only for 4 day interest i.e.15% devided by 365 days multiplie 4 days. Is this carrect calculation please advice.

tnvat late payment interest rate