33. Interest for non-payment or delayed payment.

33. (1) Where a dealer required to furnish return under sub-section (1) of section 32, furnishes return in respect of any return period by the prescribed date or thereafter but fails to make full payment of net tax payable, under subsection (2) of section 32, in respect of any tax period within such return period by the prescribed date, he shall pay a simple interest at the rate as specified in section 34B for the period commencing on the date immediately following the prescribed date for payment of net tax and upto the date prior to the date of payment of such net tax or, upto the date preceding the date of commencement of proceeding under section 55 or, upto the date prior to the date of provisional assessment under section 45 or assessment under section 46 or section 47 or section 48, as the case may be, whichever is earlier, in respect of such return period upon so much of the amount of net tax payable by him according to such return as remains unpaid:

Provided that where such dealer admits in writing that the amount of net tax payable in respect of any such tax period within the return period is an amount which is either more or less than what has been original shown as payable in the return and where the Commissioner is satisfied on the point of such admission, the interest shall be payable upon so much of the amount of net tax payable for such tax period according to such admission as remains unpaid.

(2) Where a dealer required to furnish return under sub-section (1) of section 32, fails to furnish such return by the prescribed date or thereafter in respect of any return period before the provisional assessment under section 45 2[or the assessment under section 46] or section 48, as the case may be, and on such provisional or other assessments full amount of net tax payable for such period is found not to have been paid by him by the prescribed date, he shall pay a simple interest at the rate as specified in section 34B for the period commencing on the date immediately following the prescribed date of payment of such net tax in respect of each tax period and 3[upto the date prior to the date] of provisional assessment under section 45 or rebate under section 46 or section 48, as the case may be, in respect of such return period upon so much of the amount of net tax payable by him according to such assessment as remains unpaid:

Provided that where the provisional assessment under section 45 or an assessment under section 46 or section 48 is made the four more than one return period and such assessment does not show separately the net tax payable for the tax period is within such return period is in respect of which interest is payable under this sub-section, the Commissioner shall apportion the net tax payable for the tax periods within such return periods on the basis of such assessment.

(3) 4[Where a dealer required to adjust any amount of reverse credit by way of deducting input tax credit or input tax rebate] as referred to in section 31A in respect of a particular tax period, fails to do so, he shall pay a simple interest upon such amount at the rate as specified in section 34B for the period commencing on the date immediately following the prescribed date for payment of net tax for such tax period and upto the date prior to the date of payment of such net tax or, upto the date of commencement of proceeding under section 55 or, upto the date prior to the date of provisional assessment under section 45 or assessment under section 46 or section 47, as the case may be, whichever is earlier.