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Rate of interest under section 30 of MVAT Act is changed with effect from 01/12/2015 - All About Finance

Rate of interest under section 30 of MVAT Act is changed with effect from 01/12/2015

by

FINANCE DEPARTMENT

Madam Cama Road, Hutatma Rajguru Chowk,

Mantralaya, Mumbai 400 032, dated 5th November 2015

NOTIFICATION

MAHARASHTRA VALUE ADDED TAX ACT, 2002.

No. VAT. 1515/CR-81/Taxation-1.—Whereas the Government of
Maharashtra is satisfied that circumstances exist which render it necessary to
take immediate action further to amend the Maharashtra Value Added Tax Rules,
2005 and to dispense with the condition of previous publication thereof under
the proviso to sub-section (4) of section 83 of the Maharashtra Value Added Tax
Act, 2002 (Mah. IX of 2005) ;

Now, therefore, in exercise of the powers conferred by
sub-sections (1) and (2) read with the proviso to sub-section (4) of section 83
of the said Act, and of all other powers enabling it in this behalf, the
Government of Maharashtra, hereby, makes the following rules further to amend
the Maharashtra Value Added Tax Rules, 2005, namely :-

1. (1) These rules may be called the Maharashtra Value Added
Tax (Second Amendment) Rules, 2005.

    (2) These shall
come into force with effect from the 1st December, 2015.

2. In rule 88 of the Maharashtra Value Added Tax Rules,
2005, for the sub-rule (1) the following sub-rule shall be substituted, namely
:—

“(1) The rates of interest for the purposes of
sub-sections (1), (2) and (3) of section 30 shall be as specified in the table
below :—

TABLE

Sr. No.

(1)

Period, liable for
interest

(2)

Rate of interest

(3)

1

Upto one month

One and a quarter per cent of
the amount of such tax, for the month or for part thereof.

2

Upto three months

One and a quarter per cent of
the amount of such tax, for the month or for part thereof for the first month
of delay and one and a half percent of the amount of such tax, for each month
or for part thereof for delay beyond one month up to three months.

3

More than three months

One and a quarter per cent of
the amount of such tax, for each month or for part thereof for the first
month of delay, one and a half per cent of the amount of such tax, for each
month or for part thereof for delay beyond one month upto three months and
two per cent of the amount of such tax, for each month or for part thereof
for the period delay beyond three months.”

 

By order and in the name of the Governor of Maharashtra,

 

R. D. BHAGAT,

Deputy Secretary to Government. 


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Related posts:

  1. Changes in Maharashtra Value Added Tax with effect from 1st October 2015
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