Interest on delayed commodities transaction tax accrues monthly for failure to remit collected tax within the prescribed period. Failure to credit collected commodities transaction tax to the Central Government within the prescribed period requires the assessee to pay simple ... Summary
Interest on delayed commodities transaction tax accrues monthly for failure to remit collected tax within the prescribed period.
Failure to credit collected commodities transaction tax to the Central Government within the prescribed period requires the assessee to pay simple interest on the unpaid tax for every month or part of a month of delay at the rate of one per cent.
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