21 April 2012
Rate of interest will applicable as per local VAT act. Rate of Interest will differ state to state. If the purchaser is Registered dealer, No interest will charged. otherwise interest will charged from the due date of tax deposit/payment to the deposit date.
22 April 2012
Generally C forms are required to be submitted at the time of assessment and in case one fails to submit the required declaration forms, he is denied benefit of concessional rate of taxation and full rate as applicable in the state is charged. No interest is levied on additional demand raised on account of non-submission of declaration forms, provided the selling dealer satisfies the Assessing Officer that the purchasing dealer is regd dealer and he was to provide declaration which could not for any reason.