Amendment status not verified — confirm the current text below against the official source.
(1) If any dealer does not pay the full amount of tax payable by him under this Act by the date on which it falls due as per provisions of the Act, simple interest at the rate of two per centum per month from the first day of the month next following the said date shall be payable by him on the amount by which the tax paid, if any, by the foresaid due falls short of the tax payable. No interest under this section shall be payable if the amount of tax paid by the aforesaid due date is not less than ninety per centum of the tax payable. (2) Where any interest payable by any dealer under the foregoing provisions in not paid in full, the Assessing Officer shall determine the amount payable by an order in writing. (3) If a result of any proceeding under this Act the amount of tax in respect of which interest is payable by the dealer under the foregoing provisions is varies the Assessing Officer shall corresponding reduce or enhance, as the case may be the interest so payable.