Optional payment of deferred tax before expiry of the available eligible period.
175. (1) Any dealer eligible under clause (a) of sub-section (1) of section 118, to defer the output tax payable according to his returns referred to under sub-section (1) of section 32 or the tax payable or due from him according to a notice issued under clause (b) of subsection (3) of section 46, who opts under section 120 to make payment of such tax before the expiry of the period for which he is eligible to defer the payment of that tax, shall be entitled to make payment of such lesser amount as is specified in column (2) of the Table appended to sub-rule (2).
(2) The dealer referred to in sub-rule (1), shall make payment for every hundred rupees of the deferred output tax, depending upon the number of full quarters of a year for which he is entitled to defer the payment of such tax after the date of payment, such lesser amount as is mentioned in column (2) of the Table against appropriate number of quarters mentioned in column (1) thereof.
TABLE
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No. of full quarters of a year for which the dealer is still entitled to defer payment of output tax.
|
Amount payable for every hundred rupees of output tax deferred.(Rupees)
|
|
(1)
|
(2)
|
| 1 |
97.50 |
| 2 |
95.00 |
| 3 |
92.60 |
| 4 |
90.20 |
| 5 |
88.00 |
| 6 |
85.70 |
| 7 |
83.60 |
| 8 |
81.40 |
| 9 |
79.40 |
| 10 |
77.40 |
| 11 |
75.40 |
| 12 |
73.50 |
| 13 |
71.60 |
| 14 |
69.80 |
| 15 |
68.00 |
| 16 |
66.30 |
| 17 |
64.60 |
| 18 |
63.00 |
| 19 |
61.40 |
| 20 |
59.80 |
| 21 |
58.30 |
| 22 |
56.90 |
| 23 |
55.40 |
|
24
|
54.00 |
| 25 |
52.60 |
| 26 |
51.30 |
| 27 |
50.00 |
| 28 |
48.70 |
| 29 |
47.50 |
| 30 |
46.30 |
| 31 |
45.10 |
| 32 |
44.00 |
| 33 |
42.90 |
| 34 |
41.80 |
| 35 |
40.70 |
| 36 |
39.70 |
| 37 |
38.70 |
| 38 |
37.70 |
| 39 |
37.70 |
| 40 |
35.80 |
| 41 |
34.90 |
| 42 |
34.00 |
| 43 |
33.20 |
| 44 |
32.30 |
| 45 |
31.50 |
| 46 |
30.70 |
| 47 |
29.90 |
| 48 |
29.20 |
|
49
|
28.40 |
| 50 |
27.70 |
| 51 |
27.00 |
| 52 |
26.30 |
| 53 |
25.70 |
|
54
|
25.00 |
| 55 |
25.00 |
| 56 |
24.40 |
| 57 |
23.80 |
| 58 |
23.20 |
| 59 |
22.00 |
| 60 |
21.40 |
(3) For determination of the lesser amount payable under sub-rule (2), the amount of output tax, the payment of which has been deferred, shall be rounded off to the nearest multiple of one hundred rupees and for this purpose, where such amount contains a part of one hundred rupees, -
(a) if such part is fifty rupees or more, it shall be increased to one hundred rupees; and
(b) if such part is less than fifty rupees, it shall be ignored.
(4) The lesser amount determined under sub-rule (2), shall be rounded off to the nearest rupee and for this purpose, where such amount contains a part of rupee, -
(a) if such part is fifty paise or more, it shall be increased to one rupee; and
(b) if such part is less than fifty paise, it shall be ignored.
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