Submission of returns and payment of tax.

14. (1) Tax payable under this Act shall be paid in the manner and at such intervals as hereinafter provided.

(2) The following dealers or class or classes of dealers, whether or not liable to pay tax, namely: -

(a) such class or classes of dealers as may be prescribed;

(b) such dealer as may be required so to do by the assessing authority by notice in the prescribed form served in the prescribed manner;

(c) a dealer who has applied for the grant of registration certificate but no final decision on his application has been taken; and

(d) every registered dealer, shall furnish such returns including for statistical purposes at such intervals, verified by such persons, by such dates and to such authority, as may be prescribed and different returns may be prescribed for different class or classes of dealers, and if the tax due according to such returns is more than the tax paid under sub-section (3) or sub-section (4), as the case may be, he shall, in the manner prescribed, pay the balance with interest at the rate specified in sub-section (6) before furnishing the returns and attach therewith the proof thereof.

(3) Every dealer whose aggregate liability to pay tax under this Act, Act of 1973 and the Central Act for the last year or part thereof according to the returns filed by him is equal to or more than one lakh rupees or such other sum, as may be prescribed, shall, in the manner prescribed, pay on or before the fifteenth day of each month the full amount of tax payable by him for the previous month, computed by him in accordance with the provisions of this Act and the rules made thereunder:

Provided that if he is not able to quantify his tax liability accurately by that time, he shall pay an amount equal to monthly average of his tax liability in the last year (or such shorter period for which he has been liable to pay tax in that year) as tax provisionally, and he shall pay the balance, if any, on or before the twenty-fifth day of the month, and the excess, if any, he may adjust with his future tax liability.

(4) Every dealer on whom sub-section (3) does not apply, shall, in the prescribed manner, pay in the month immediately following each quarter, the full amount of tax payable by him for the quarter, computed by him in accordance with the provisions of this Act and the rules made thereunder.

(5) If a dealer discovers in any return furnished by him, any omission or other error, which he could not have rectified after the exercise of due diligence before furnishing the return, he may at any time before the date prescribed for furnishing of return for the next period by him, furnish a revised return, and if the revised return shows a greater amount of tax to be due than was shown in the original return, it shall be accompanied by a receipt showing payment of the extra amount along with simple interest thereon calculated at the rate of one-and-a-half percent per month for the period the amount remained unpaid due to the omission or error, in the State Government treasury in the manner prescribed.

(6) If any dealer fails to make payment of tax as required by sub-sections (3), (4) and (5), he shall be liable to pay in addition to the tax payable by him, simple interest at one-and-a-half per cent per month if the payment is made within ninety days from the last date specified for the payment of tax, but if the default continues thereafter, he shall be liable to pay simple interest at three per cent per month for the whole of the period from the last date specified for the payment of tax to the date he makes the payment.