Amendment in Rate of surcharge, tax & time limit for interest on delayed refunds
Following Sections have been amended by the Ordinance No. 1, 2016 which shall come into force at once.
Increase in rate of Surcharge (Section 3A) : Every dealer liable to pay tax shall in addition pay a surcharge not exceeding 30% (earlier it was 20%) of the total amount of tax payable by him.
Increase in rate of tax (Section 14) : Tax shall be payable at the rate of 14.5% (earlier it was 13.5%) on the sale price of any goods which are not specified in Schedules I, II, III, IIIA and IV.
Interest on delayed refund(Section 27) : Now where the refund is not made within a period of 60 days (instead of 90 days) of the amount having become refundable then authority shall pay a simple interest of 6% p.a. or part thereof from the date immediately following the expiry of the period of 60 days to the date of the refund.
[Ordinance No. 1, 2016]