Amendment status not verified — confirm the current text below against the official source.
Insertion of section 22A. In the Principal Act, after section 22, following shall be inserted as section 22A; namely “22A. Interest payable by dealer : — (1) If any dealer does not pay into Government Treasury the full amount of tax payable by him under this Act by the due date, a simple interest at the rate of twelve percentum per annum from the first day of the month next following said date shall he payable by him on the amount by which the tax paid, if any by the due date falls short of the tax payable. No interest under this sub-section shall he payable if the amount of tax paid by the due date is not less than ninety percentum of the tax payable. (2) If such tax is not paid within a period of sixty days from the due date, then in addition to interest payable under subsection (1), the dealer shall be liable to pay simple interest at the rate of twenty-four percentum per annum from the day commencing after the said period of sixty days on the amount by which the tax paid, if any, before the expiry of the said period falls short of the amount of the tax payable . (3) Interest under this section shall he payable till the tax payable is paid in full. (4) Where any interest becomes payable under this section, the officer competent to assess the dealer under section 16, shall record an order to that effect specifying the amount of interest payable and the amount of which and the period for which the interest is payable. Notwithstanding anything contained in this Act, an order under this sub-section can be passed at any time when interest under this section is found to be due. (5) Where an order is passed under sub-section (3) of section 39 in respect of any dues, any interest relatable to the same dues and accrued under this section up to the date of such order and any further interest accruing after such date shall be recovered in the course of proceedings initiated in ac- cordance with the said sub-section (3) in respect of the said dues and for that purpose no order under sub-section (4) of this section or notice under section 35 shall be necessary in respect of such interest. Explanation I. For the purposes of this section “tax payable” means the amount of tax as finally assessed under this Act. Explanation 11. For the proposes of this section tax payable shall be deemed to be due for payment as follows For any period — (a) from 1st April to 30th June by 31th July (h) from 1st July to 30th Septem ber by 31st October (c) from 1st October to 31st December by 31st January (d) from 1st January to 31st March by 30th April.”