Section 57(4) in Bihar Value Added Tax Rules, 2005
(4)(a)The amount of tax deferred under sub-rule (1) shall be paid in 5 equal installments payable by 31st March every year commencing after the expiry of the year during which the unavailed entitlement terminated.(b)Where after expiry of the period of deferment the deferred tax is not paid within the time specified in clause (a), interest at the rate of one and half percentum per month or part thereof shall be payable on such amount of default till the date of its payment without prejudice to any action that maybe taken for recovery under the Act.Explanation. - For the purpose of this rule, the expression "unavailed entitlement" shall mean the remaining period or the remaining monetary ceiling, whichever may be applicable, of exemption to which such unit would have been entitled on the appointed date.
