Section 30(1) in The Maharashtra Value Added Tax Act, 2002
(1)A dealer who is liable to pay tax in respect of any year, and who has failed to apply for registration or has failed to apply for registration within the time as required by or under this Act, shall be liable to pay by way of simple interest, in respect of each of such years, in addition to the amount of tax payable in respect of such year, a sum calculated at the prescribed rate on the amount of such tax for each month or part thereof for the period commencing on the 1st April of the respective year to the date of the payment of tax. The amount of such interest shall be calculated by taking into consideration the amount of, and the date of, such payment, when the payment is made on different dates or in parts or is not made. When, as a result of any order passed under this Act, the said amount of tax is reduced, the interest shall be reduced accordingly and where the said amount is enhanced, [the interest on the enhanced amount shall be calculated mutatis-mutandis upto the date of such order] [These words were substituted by Maharashtra 14 of 2005 (w.e.f. 1-4-2005), Section 21.]:Provided that, in respect of any of such years, [the amount of interest payable] [These words were substituted by Maharashtra 14 of 2005 (w.e.f. 1-4-2005), Section 21.] under this sub-section shall not exceed the amount of tax found payable for the respective year.
