Late Payment Interest also depends upon state to state

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

For Example

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Q1
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Vat Computation Of March
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Output Vat=10000

Input Vat=7000

Vat Payable

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Suppose Vat challan of March paid on 10 May
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What is interest payable?
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View Answer

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