Amendment status not verified — confirm the current text below against the official source.
The interest payable for any period by payable. a dealer, casual dealer, transporter, contractee, promoter, or any other person under the Act, shall be at the rate as specified below:— (a) at the rate of one per centum per month up to the first ninety days of the period for which such interest is payable; (b) at the rate of one and half per centum per month after the first ninety days and up to three hundred days of the period for which such interest is payable; and (c) at the rate of two per centum per month after the first three hundred days of the period for which such interest is payable."; (12) section 36 shall be renumbered as sub-section (1) of section 36, and after sub-section (1) so renumbered, the following sub-section shall be inserted:— "(2) The Commissioner shall, in the prescribed manner, pay a simple interest at the rate of twelve per centum per annum for each month of delay in making refund to a registered dealer in accordance with section 62, arising out of an order under section 46 relating to any assessment period starting on or after the 1st day of April, 2014, from the first day of the English calendar month next following three months after the date of such assessment order, or after the date of order under sub-section (3) of section 62, whichever is later, and up to the date on which the refund is made, upon the amount of tax paid in excess, or the amount of unadjusted net tax credit over output tax which has not been carried forward to the next return period and refundable to him according to such assessment order."; PART THE KOLKATA GAZE11E, EXTRAORDINARY, MARCH 24, 2015 9 The West Bengal Finance Act, 2015. (Section 8.) (13) in section 40,— (a) after sub-section (2), the following sub-sections shall be inserted:— "(2A) After the deposit of the amount deducted under sub-section (2), the person who makes the deduction, shall furnish a scroll, within such date, in such manner, and to such authority, as may be prescribed. (2B) Where the person who makes the deduction under sub-section (2) or a contractee, delays in furnishing the scroll referred to in sub-section (2A), he shall be liable to pay late fee and the provisions of sub section (2) of section 32 shall, mutatis mutandis, apply."; (b) in sub-section (3), for the words "within fifteen days from the date of such deposit", the words "within twenty-five days from the end of the English Calendar month during which deduction is made" shall be substituted; (c) for sub-section (3A), the following sub-section shall be substituted:— "(3A) Where a contractee discovers any omission or error in the data entered in the scroll, he may furnish a revised scroll within six English Calendar months beginning from the month immediately following the month in which the original scroll is to be furnished, and if the revised scroll shows a greater amount of tax deducted, or late fee or interest payable, than what was shown in the original scroll, it shall be accompanied by a copy of the receipted challan or a copy of the account statement showing the extra amount of tax, late fee or interest payable thereon, in the manner as may be prescribed: Provided that the Commissioner may, if he is satisfied on the reasons adduced by the contractee, extend, by an order in writing, the time for revising the scroll."; (d) after sub-section (3A), the following sub-sections shall be inserted:— "(3B) Where the person who makes the deduction under sub- section (2) or a contractee, fails to deposit the amount so deducted towards tax leviable on intra-State contractual transfer price, within the prescribed date, he shall pay a simple interest at the rate specified in section 34B for the period commencing on the date immediately following the prescribed date for payment of such amount and upto the date preceding the date of payment of such amount or preceding the date of commencement of proceeding under section 55, whichever is later. (3C) Where the interest payable under sub-section (3B) has not been paid, the Commissioner may determine the amount of interest so payable and issue notice to the person for payment of the same in such manner as may be prescribed, and if the amount of interest so demanded is not paid within the date specified in such notice, the amount may be recovered in accordance with the provisions of section 55 or section 60. 10 THE KOLKATA GAZE1 l'E, EXTRAORDINARY, MARCH 24, 2015 [PART III The West Bengal Finance Act, 2015. (Section 8.) (3D) No interest or late fee or penalty shall be payable under this section in such cases, or under such circumstances, and subject to such conditions or restrictions, if any, as the State Government may, by notification, specify."; (14) in section 47AA,— (a) sub-section (3) shall be omitted; (b) in sub-section (4), for the words "any other reason", the words and figures "any other reason, and such assessment may be made, notwithstanding anything contained in section 47 or section 49, within the 30th day of June next following one year from the date of reopening of such summary assessment" shall be substituted; (15) in section 61, in sub-section (1), for clause (ab), the following clause shall be substituted:— "(ab) to a registered dealer, whose sum total of the turnover of inter-State sales of taxable goods within the meaning of sub-section (1) of section 8 of the Central Sales Tax Act, 1956 and of the turnover of sales of goods in the course of export out of the territory of India within the meaning of section 5 of the Central Sales Tax Act, 1956, exceeds fifty per centum of the total turnover of sales in a return period, of such per centum of excess amount of input tax credit after adjustment of reverse credit over output tax for such return period, as corresponds to the sum total of the turnover of sales referred to in this sub-clause computed as per centum of total turnover of sales in the return period;"; (16) in section 84,— (a) in sub-section (1), for the second proviso, the following proviso shall be substituted:— "Provided further that no appeal for any period submitted on or after the 1st day of April, 2015, shall be entertained by the said authority unless it is satisfied that the applicant has produced the documents relating to proof of payment of— (a) full amount of tax, interest, penalty or late fee, as the case may be, as the applicant may admit to be due from him, and (b) fifteen per centum of the amount of tax in dispute in such appeal:"; (b) in sub-section (2), after the third proviso, the following proviso shall be inserted:— "Provided also that the appellate authority may dispose an appeal within six months from the date of order of refusing an application for settlement of dispute or revocation of certificate of settlement under the West Bengal Sales Tax (Settlement of Dispute) Act, 1999, relating to the period covered in such appeal."; 74 of 1956. West Ben. Act IV of 1999. PART III] THE KOLKATA GAZE1 1 E, EXTRAORDINARY, MARCH 24, 2015 11 The West Bengal Finance Act, 2015. (Section 8.) (17) in section 87, after sub-section (B3), the following sub-section shall be inserted:— "(1C) Any application for revision filed on or after the 1st day of July, 2015 and entertained thereafter, shall be disposed of within the date as referred to in column (3) of the Table below corresponding to the date of its filing as referred in column (2) of the said Table:— TABLE Sl. No. Date of filing of application for revision Date within which the application for revision has to be disposed of (1) (2) (3)