Section 37 in The Karnataka Value Added Tax Act, 2003
37. Rate of interest.
(1)The rate of simple interest payable under Section 36 shall be two per cent per month:(a)from the date the tax had become payable to the date of its payment or to the date of any assessment under this Act, whichever is earlier; and(b)from the date on which any amount payable under this Act was due.(2)For the purpose of this Section interest in respect of parts of a month shall be computed proportionately and month shall mean any period of thirty days.
