Rate of Interest payable on late payment of WB Vat has been changed

Rate of inter­est payable by a deal­er has been graded-

Under the exist­ing pro­vi­sions of law, the rate of inter­est, wher­ev­er applic­a­ble, is twelve per cen­tum per annum for the peri­od com­menc­ing on the date imme­di­ate­ly fol­low­ing the pre­scribed date of pay­ment and up to the date pri­or to the date of pay­ment or assess­ment. A new sec­tion 34B has been insert­ed w.e.f. 01.04.2015 where­by the rate of inter­est has been grad­ed into three dif­fer­ent rates in the fol­low­ing man­ner depend­ing on delay in pay­ing tax :-