Amendment status not verified — confirm the current text below against the official source.
(1) (a) A person entitled to a refund under this Regulation, shall be entitled to receive, in addition to the refund, simple interest at such rate, as may be notified by the Government from time to time. (b) The simple interest at the rate specified under sub-section (I) shall be calculated from- , (I) the date from which the refund was due to be paid to the person; or (ill the date on which the person paid the excess amount, whichever is later, and such interest shall be calculated upto the date on which the refund is given. (c)The interest shall be calculated on the amount ofrefund due after deductingtherefiom any tax, interest, penalty or any other dues under this Regulation, or under the Central Sales Tax Act, 1956, if such dues relate to the sale ofgoods from Daman and Qiu. 74 of 1956. SERIES - I No. : 05 DATED 1sTH AUGUST, 2005, (4 If the amount of such refund is enhanced or reduced, as the case may be, such interest shdl be enhanced or reduced accordingly. (e) Ifthe delay in granting the refund is attributable to the said person, whether wholly or in part, the periodofthe delay attributable to him shall be excluded 60m the period for which the interest is (2) When a person is in default in making the payment of any tax, penalty or other amount due under this Regulation, he shall, in addition to the amount assessed, be liable to pay simple interest on such amount at such rate, as may be notified by the Government from time to time from the date of such default until he makes such payment of taw, penalty or other amount. (3) Where the amount oftax (includingany penalty due) is wholly reduced,the amount of interest, if any, paid shall be refunded, or if such amount is varied, the interest due shall be calculated accordingly. (4) Where the collection ofany amount is stayed by theorder oftheAppellateTribunal or any court or any other authority and the order is subsequently vacated, interest shall be for any period during which such order remained in operation. (5) The interest payable by a person under this Regulation may be collected as tax due under this Regulation and shall be due and payable on and from the obligation to pay thc interest has arisen. RECOVERY OF TAX, INTtiREST AND PENALTIES 43, ( I ) The amount of any tax, interest, penalty or other amount due under this R ~ v n y o f Regulation shall be paid in the manner specified in section 36 and a notice of assessment tax served onthe person for such an amount shall constitute a demand for payment ofthe amount stated in the assessment by the time stipulated in the notice of assessment. * (2) On an application made before the expiry of the period under section 35, the Commissioner may, in respect of any dealer or person and for reasons to be recorded in writing, extend the time for payment or allow payment by instalments, subject to such conditionsas he may think fit to impose in the circumstances of the case. (3)Any amount of tax, interest or penalty or other amount due under this Regulation which remains unpaid, shall be recoverable as anears of land revenue. (4) Where security, other than in the form of surety bond, has been furnished under the Regulation, the Commissioner may, for reasons to be recorded in writing, recover any amount of tax, interest, penalty or other amount due or part thereof by ordering the forfeiture ofthe whole or any part of the security. (5) Where any security tendered for the purposes of this Regulation is to be sold, it shall be sold in the manner stipulated in section 63.