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Late Payment Interest also depends upon state to state

 

Interest Rate in DVAT

In Delhi,if vat is deposited late,then 15% p.a. interest is applicable from due date

 

For Example

 

Q1

Vat Computation Of March

Output Vat=10000

Input Vat=7000

Vat Payable

Suppose Vat challan of March paid on 10 May

What is interest payable?

 

-a-

Tax Amount=3000

Due Date=21 April (21st of next month)

Deposit Date=10 May

No of Days Late=19

Interest=3000x15%x19/365=23.42

Total Amount Payable

=Tax+ Interest

=3000+23.42

=3023.42

-ea-

 

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 7 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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