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of <h1>Amendment to Section 206C: revised cutoff dates, deemed substitution, collection timing, default assessee rules and interest timing</h1> Section 206C is amended to revise specified cutoff dates (substituting 1 April 2006 with 1 April 2008 in provisos and prescribing a deemed substitution effective 1 April 2005), and to clarify references to collection timing ('collecting tax before the 1st day of April, 2005'). A new subsection deems any person required to collect tax who fails to collect or remit tax to be an assessee in default, subject to penalty only if the Assessing Officer finds no good and sufficient reason for failure. The term 'seller' is replaced by 'person responsible for collecting tax' (effective 1 April 2007), and interest must be paid before furnishing the quarterly statement (effective 1 June 2006).
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