58. Interest on failure to pay tax or other sum payable.
(1)Where a dealer or a person commits default in making the payment of any amount of tax leviable or payable or of any amount of tax, fee, interest or penalty assessed or determined or of any amount or demand otherwise payable, within the specified time under the provisions of this Act or the rules made or notifications issued thereunder, such dealer or person shall be liable to pay interest [on such amount at such rate, as may be notified by the State Government from time to time] [Substituted by Rajasthan Act No. 5 of 2001, w.e.f. 26-5-2001, except amendment of Section 81(1).] for the period starting from the day immediately succeeding the date specified for such payment and ending with the day on which such payment is made.(2)Subject to the provisions of sub-section (2) of Section 70, interest under sub-section (1) shall be calculated-(a)at the time of assessment under any section or in continuation of such assessment; and(b)on payment including adjustment of a demand in full.(3)The liability to pay interest under the provisions of this section shall also arise for a period which is less than a month.
