Commodities transaction tax accrues 1% monthly simple interest for delayed crediting to the Central Government account. Section 123 requires any assessee who fails to credit the commodities transaction tax or any part thereof to the Central Government account within the specified period to pay simple interest at the rate of one per cent. of such tax for every month or part of a month by which the crediting is delayed; the interest applies to partial as well as full delayed payments.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Commodities transaction tax accrues 1% monthly simple interest for delayed crediting to the Central Government account.
Section 123 requires any assessee who fails to credit the commodities transaction tax or any part thereof to the Central Government account within the specified period to pay simple interest at the rate of one per cent. of such tax for every month or part of a month by which the crediting is delayed; the interest applies to partial as well as full delayed payments.
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