TaxTMI 
TaxTMI 
Dear Sir
Can any one advise me what is the interest rate if assessee not paid the VAT amount on due date and what are the due dates to pay the VAT amount , either before Submission of VAT Return or After Submission of VAT Return.
Interest If VAT Amount not paid on Due date - AP VAT
01 Jan 2013 
1 Reply 
22899 Views Asked by
Interest on late VAT payments accrues daily and penalty may apply under Section 51(1) for unpaid tax.
Interest on unpaid Value Added Tax is charged at 15% per annum as simple interest computed daily, and failure to pay tax as per the return attracts a penalty under Section 51(1) equal to 10% of the tax amount; the response does not specify due dates or timing of payment relative to return submission. (AI Summary)
Interest on unpaid Value Added Tax is charged at 15% per annum as simple interest computed daily, and failure to pay tax as per the return attracts a penalty under Section 51(1) equal to 10% of the tax amount; the response does not specify due dates or timing of payment relative to return submission. (AI Summary)