Interest If VAT Amount not paid on Due date - AP VAT, VAT + CST

[guna ch]

Dear Sir

Can any one advise me what is the interest rate if assessee not paid the VAT amount on due date and what are the due dates to pay the VAT amount , either before Submission of VAT Return or After Submission of VAT Return.

Posts / Replies

[Pradeep Khatri]

It is @15%, simple interest computed on a daily basis.

 

Under Section 51(1), if there is a failure to pay the tax due as per the return filed then penalty would be levied @ 10% of the tax amount.