(1) Where a dealer required to furnish return under sub-section (I) of section 32, furnishes such return in respect of any period by the prescribed date or thereafter, but fails to make full payment of the net tax payable under sub-section (2) of that section in respect of such period by the prescribed date, he shall pay a simple interest at the rate of twelve per centum per annum for the period commencing on the date of expiry of the prescribed date and ending on the date of payment of the amount of tax or up to the date prior to the date of assessment under section 46 or section 47, as the case may be, in respect of such period, whichever is earlier, upon so much of the amount of net tax payable by him according to such return as remains unpaid:
Provided that where such dealer admits in writing that the amount of net tax payable in respect of such period is an amount which is either more or less than what has been originally shown as payable in the return and where the Commissioner is satisfied on the point of such admission, the interest shall be payable upon so much of the amount of net tax payable according to such admission as remains unpaid.
(2) Where a dealer required to furnish return under sub-section (1) of section 32, fails to furnish such return in respect of any period by the prescribed date or thereafter before the assessment under section 46 or section 47, as the case may be, in respect of such period, and on such assessment full amount of net tax payable for such period is found not to have been paid by him by such prescribed date, he shall pay a simple interest at the rate of twelve per centutn per annum for the period commencing on the date of expiry of the prescribed date and ending on the date of assessment under section 46 or section 47 upon so much of the amount of net tax payable by him according to such assessment as remains unpaid:
Provided that where an assessment under section 46 or section 47 is made for more than one period and such assessment does not show separately the net tax payable for the period in respect of which interest is payable under this sub-section, the Commissioner shall apportion the net tax payable for such period on the basis of such assessment.
West Ben. Act XLIX of 1994.
24 THE KOLKATA GAZETTE, EXTRAORDINARY, DECEMBER 27, 2004 [PART III The West Bengal Value Added Tax Act, 2003.
Interest for nonpayment or delayed payment of assessed tax.
Rounding off of tax payable for calculation of interest.
Rounding off of amount of tax or penalty.
Collection of tax only by dealers liable to pay tax.
(Chapter V.—Payment of tax, interest, penalty, furnishing of returns, and deduction of amount at source towards payment of tax, etc.—Sections 34-39.)
(3) Where a dealer required to reverse input tax credit in a particular tax period under the proviso to sub-section (8) or sub-section (11) of section 22, fails to do so, he shall have to pay a simple interest at the rate of twelve per centum per annum for the period commencing on the first day of the next tax period and ending on the last date of the tax period preceding the tax period in which such reversal is actually made, on the additional amount of net tax payable, if the reversal were duly made as per provisions of this Act and rules made thereunder.
(4) Where a dealer fails to make payment of the amount of tax compounded under sub-section (3) or sub-section (4) of section 16 by the date specified in the notice issued thereunder, he shall pay a simple interest at the rate of twelve per centum per annum for the period commencing on the date of expiry of the date so specified and ending on the date of full payment of such tax or up to the date of commencement of proceedings under section 55, whichever is earlier upon so much of the amount of tax payable by him according to such notice as remains unpaid.