Amendment status not verified — confirm the current text below against the official source.
Interest: – If any proprietor fails to pay the amount of tax due within the time prescribed for its payment, such proprietor shall, in addition to the tax, be liable to pay simple interest, at the rate of one and half per cent, per month on the amount of tax not so paid or on any less amount thereof remaining unpaid during such period, for the period commencing on the day following the day of expiry of the due date to the date of payment or the date of assessment, whichever is earlier. If any dealer fails to pay interest along with the return or revised return in accordance with the provisions of this sub-section, such interest shall be levied by the Commissioner or any officer authorized in this behalf by him. Explanation – For the purpose of calculating interest: – (a) ‘month’ shall means thirty days; (b) Where the period of defaults is in respect of a period of less than one month, the interest shall be computed proportionately.