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 :-
| Sl. No. | Period of delay for which interest is payable | Rate of interest |
| 1 | Up to the first 90 days | 1 % per month |
| 2 | After the first 90 days and up to 300 days | 1.5 % per month |
| 3 | After the first 300 days | 2 % per month |
How will the interest on the late payment of tax will be calculated?
Say for example : I have delayed in making payment of interest by 93 days. How will i calculate interest. Whether it will be for first 90 days = Tax amount * 1% * 90/365 and for remaining 3 days = Tax amount * 1% * 3/365 ???
how do i deposit interest in delay p tax deposition in west bengal ptax