- [(1)] [Existing section No.ed as sub-section (1) by the Amendment Act 18 of 2006.] A person who fails to file a return within the time required under this Act is liable for penalty of [Rs. 1000/-] [Substituted by the Amendment Act 12 of 2008.] plus an amount equal to simple interest @ 15% per annum or such higher/lower rate as the Government may notify from time to time on the tax payable for the return period.(2)[ Any registered dealer covered under Schedule "E' appended to this Act, fails to file return within the time required under this Act, he shall be liable for penalty of Rs.1000/- per quarter plus an amount equal to simple interest at the rate of 2% per month on the tax payable for the return period.] [Inserted by the Amendment Act 18 of 2006.]
