Interest on delayed payment of tax

(4A)(a) Where a dealer does not pay the amount of tax within the time prescribed for its payment under sub-section (1),

1. (2) or (3), then there shall be paid by such dealer for the period commencing on the date of expiry of the aforesaid prescribed time and ending on date of payment of the amount of tax, simple interest at the rate of twenty-four percent. per annum on the amount of tax not so paid, or on any less amount thereof remaining unpaid during such period.
   • (b) Where the amount of tax as assessed or reassessed for any period under section 41 or section 44, subject to revision if any under section 67, exceeds the amount of tax already paid by a dealer for that period, there shall be paid, by such dealer, for the period commencing from the date of expiry of the time prescribed for payment of tax under sub-section (1),
2. (2) or
3. (3) and ending on date of order of assessment, reassessment or, as the case may be, revision, simple interest at the rate of twenty-four percent. per annum on the amount of tax not so paid or on any less amount thereof remaining unpaid during such period.
   • (c) Where a dealer does not pay the amount of tax falling under clause
   • (a) of sub-section
4. (4) on or before the date specified in the notice issued under that sub-section, then there shall be paid by such dealer for the period commencing on the specified date and ending on the date of payment, simple interest at the rate of twenty-four percent. per annum on the amount of tax not so paid or on any less amount thereof remaining unpaid during such period. Provided that no interest shall be payable under clause (b),—
   • (i) in the case where the dealer has furnished the returns or declarations and made payment of the amount of tax in accordance with the provisions of sub-section (1),
5. (2) or
6. (3) and the difference between the amount of tax assessed or reassessed for any period and the amount of tax so paid for such period does not exceed ten percent. of the amount of tax paid by the dealer;
   • (ii) in the case where assessment proceedings are stayed under the first proviso to sub-section
7. (1) of section 42, in respect of the period of such stay;
   • (iii) in the case where any assessment is kept pending in accordance with a general or special order of the State Government or the Commissioner, in respect of the period for which the assessment is kept pending;
   • (iv) in the case where on account of an order passed under section 61 an additional amount of tax becomes payable by a dealer, on such additional amount of tax for the period commencing on the date of order of assessment and ending on the date of the order so passed.
   • (v) in the case where on account of a judgement of the Gujarat High Court or the Supreme Court an additional amount of tax becomes payable by a dealer, on such additional amount of tax for the period ending on the date of such judgement. 5. Repeal
8. (1) The Gujarat Sales Tax (Amendment) Ordinance, 1991 is hereby repealed.
9. (2) Notwithstanding such repeal, anything done or any action taken under the principal Act as amended by the said Ordinance shall be deemed to have been done or taken under the principal Act as amended by this Act.