Rate of Interest payable on late payment of WB Vat

Rate of interest payable by a dealer has been graded-

With effect from 01.04.2015 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

Earlier to 01.04.2015 the Rate of Interest was 12% per annum.

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