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88. Rates of interest M. VAT RULES

88. Rates of interest

(1) The rates of interest for the purposes of sub-sections (1), (2) and (3) of section 30 shall be one and a quarter per cent. of the amount of such tax, for each month or for part thereof,

(2) The rate of interest for the purposes of section 52 shall be half per cent. of the amount of such tax for each month or for part thereof.

(2) The rate of interest for the purposes of the sub-section (1) of section 53 shall be half per cent. of the amount of such refund for each month or for part thereof.

(3) The rate of interest for the purposes of clause (b) of sub-section (6) of section 51 shall be one and a quarter per cent of the amount of excess refund which is to be recovered, for each month or part thereof.

(In above rule 88, after sub-rule (3) sub-rule (4) is inserted by Notification No. STR-1506/CR-38/Taxation-1 Dt.08.09.2006)

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GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

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The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .