interest rate on vat tax paid by late

[praveen kumar]

we paid may-12 vat tax on aug-2013 . what is the interest rate applicable

AI Summary

Debate on Late VAT Payment Interest: 1.5% Monthly vs. 15% Annually vs. 1.25% Annually; Invoice Date Liability? A discussion on a forum addressed the interest rate applicable for late VAT tax payments made in May 2012 but paid in August 2013. One participant stated the interest rate as 1.5% per month, while another mentioned a 15% per annum simple interest calculated daily. A third participant questioned if the interest liability arises from the invoice date and suggested an interest rate of 1.25% per annum. The discussion also included a contact offer for assistance with SAD refund clearance.