Section 33(3) in West Bengal Value Added Tax Act, 2003
(3)[Where a dealer required to adjust any amount of reverse credit by way of deducting input tax credit or input tax rebate] [Substituted by S. 6 (10) (b) of W.B. Act XIII of 2005 w.e.f. 1.4.2005 for 'Where a dealer is required to reverse any amount of input tax credit or input tax rebate'.] as referred to in section 31A in respect of a particular tax period, fails to do so, he shall pay a simple interest upon such amount at the rate of twelve per centum per annum for the period commencing on the date immediately following the prescribed date for payment of net tax for such tax period and upto the date prior to the date of payment of such net tax or, upto the date of commencement of proceeding under section 55 or, upto the date prior to the date of provisional assessment under section 45 or assessment under section 46 or section 47, as the case may be, whichever is earlier.
