(1) A registered dealer entitled to refund in pursuance of any order under this Act including assessment under section 52, section 53 or section 54, or in pursuance of any order by any Court, shall be entitled to receive, in addition to the refund simple interest at the rate of eight percent per annum for the period commencing after ninety days of the application claiming refund in pursuance to such order till the date on which the refund is granted.
(2) The interest shall be calculated on the amount of refund due after deducting there from any tax, interest penalty or any other dues under this Act.
(3) If, as a result of any order passed under this Act, the amount of such refund is enhance or reduced such interest shall be enhance or reduced accordingly.
(4) When a dealer is in default or is deemed to be in default in making the payment under section 52, section 53 and section 54, he shall be liable to pay simple interest on such amount at the rate of two percent per month from the date of such default for so long as he continues to make default in the payment of the said tax.
(5) Whereas a result of any final order, the amount of tax (including any penalty) due or in default is wholly reduced, the amount of interest, if any paid shall be refunded or if such a mount is modified, the interest due shall be calculated accordingly.
(6) Where any amount of tax payable is enhance by any such order interest shall be payable on the amount by which the tax is enhance after the expiry of a period of three months from the date of the order.
(7)Where realization of any amount remains stayed by the order of any court or authority and such order is subsequently vacated, interest shall be payable also for any period during which such order remained in operation.
(8)The interest payable under this Act shall be deemed to be tax due under this Act.