Amendment status not verified — confirm the current text below against the official source.
Interest: ( 1) Every person who rs liable to pay duty in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the duty or any part thereof to the Government within the period prescribed, shall for the period for which the duty or any part thereof remains unpaid, pa)'t on his own, interest at the rate one and half percent per month. (2) Every person who is in default or is deemed to be in default in making the payment of duty as assessed under section 7 he will be liable to pay interest at the rate one and half percent per month from the date of such default for so long as he continues to make default in the payment of the said duty. (3} The State Government shall, in the prescribed m1mner pay an interest at the rate one and half percent per month of delay in making refund to any person the amount of duty paid in excess which arises from an order under section 7 or section 13 or section 14 passed on assessment or appeal or revision, as the case may be, by the prescribed authority from the ftrst day of the month next following the expiry of three months from the date of such order upto the month preceding the month in which refund 10 is made, upon the amount of duty refundable to him according to such order.