88. Rates of interest M. VAT RULES

 

88. Rates of interest 
 
 
(1) The rates of interest for the purposes of sub-sections (1), (2) and (3) of section 30 shall be one and a quarter per cent. of the amount of such tax, for each month or for part thereof,
(2) The rate of interest for the purposes of section 52 shall be half per cent. of the amount of such tax for each month or for part thereof.
(2) The rate of interest for the purposes of the sub-section (1) of section 53 shall be half per cent. of the amount of such refund for each month or for part thereof.
(3) The rate of interest for the purposes of clause (b) of sub-section (6) of section 51 shall be one and a quarter per cent of the amount of excess refund which is to be recovered, for each month or part thereof.
(In above rule 88, after sub-rule (3) sub-rule (4) is inserted by Notification No. STR-1506/CR-38/Taxation-1 Dt.08.09.2006)