https://www.taxtmi.com/caselaws?id=153443 Interest on delayed sales tax payment under section 8 was treated as compensatory, not penal, and the prescribed rate by itself did not make the provision confiscatory or unconstitutional. The provision also operated symmetrically because the State was liable to pay interest on delayed refunds, and the possibility of credit sales did not create any constitutional infirmity. The court further held that sections 7 and 8 formed one scheme for timely tax collection: interest accrued automatically from the date the tax became due, and a prior notice of demand was not a condition precedent to charging or recovering interest. The petitions therefore failed, and the tax with interest was sustained. en-us Fri, 24 Jun 1983 00:00:00 +0530 Tue, 23 Jul 2013 16:13:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=153443 Interest on delayed sales tax payment under section 8 was treated as compensatory, not penal, and the prescribed rate by itself did not make the provision confiscatory or unconstitutional. The provision also operated symmetrically because the State was liable to pay interest on delayed refunds, and the possibility of credit sales did not create any constitutional infirmity. The court further held that sections 7 and 8 formed one scheme for timely tax collection: interest accrued automatically from the date the tax became due, and a prior notice of demand was not a condition precedent to charging or recovering interest. The petitions therefore failed, and the tax with interest was sustained. Case-Laws VAT and Sales Tax Fri, 24 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=153443