Sanjivkumar Shah (Account Manager) (286 Points)
22 May 2008Hi Friends,
1. Let me know how to calculate interest on late payment of vat i.e Apr'08 Vat is due on 21.05.08 but due to some problem i failed to filed Vat return on time. Now i have filed on 15.06.2008 then how to calculate interest on above conditions as it is under M.V.A.T. & at what rate interest is applicable.
If you have excel file for interest Calculation then you post in share files?
Regards
Sanjiv
biren thakkar
(accounts manager)
(231 Points)
Replied 23 May 2008
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.
Sanjivkumar Shah
(Account Manager)
(286 Points)
Replied 23 May 2008
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.
biren thakkar
(accounts manager)
(231 Points)
Replied 26 May 2008
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.
VISHAL
(CA FINAL)
(24 Points)
Replied 02 June 2008
Hi friends
If u have a exel file of form no. 221 of m vat act please send me the one.
Regards
vishal
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 17 August 2008
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| Originally posted by :biren thakkar | ||
| " | a am not paid any vat during the 1-4-2007 to 31-3-2008 so now I want to pay what will be interet for first 6 month or penallty | " |
haresh
(student)
(22 Points)
Replied 21 May 2009
| Originally posted by :DHAVAL PATEL | ||
| " | interst on vat late payment | " |
ok Can the interest paid on delay of payment of VAT shown in P&L a/c?
Kaushik Padhiyar
(Manager - Financial Planning and Analysis)
(68 Points)
Replied 25 August 2009
IT SAYS INTEREST IS PAYABLE @ 1.25% PER MONTH OR PART OF THE MONTH ON TAX AMOUNT STARTING FROM THE DUE DATE.
sunil kumar jha
(Sr. Manager F&A)
(24 Points)
Replied 17 February 2010
any one can say that what exactly rate of interest on late payment of vat in Utter pradesh?
Kiran Patil
(Jr. Accountant)
(24 Points)
Replied 07 February 2012
vat payment ---- due date ----- paid date ------- late days ------- interest.rate
urjent friends
vinod kothari
(mfg)
(21 Points)
Replied 27 August 2012
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.
Karthick Kumar
(Articled Assistant)
(46 Points)
Replied 29 January 2014
tnvat late payment interest rate
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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