Interest on delayed commodities tax accrual triggers monthly simple interest charges for late crediting of tax to government account. Where an assessee fails to credit the commodities transaction tax or any part thereof to the account of the Central Government within the prescribed ... Summary
Interest on delayed commodities tax accrual triggers monthly simple interest charges for late crediting of tax to government account.
Where an assessee fails to credit the commodities transaction tax or any part thereof to the account of the Central Government within the prescribed period, the assessee must pay simple interest on the unpaid tax for every month or part of a month by which such crediting is delayed, calculated on the outstanding portion until actual crediting occurs.
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