88. Rates of interest.

(1) The rates of interest for the purposes of sub-sections (1), (2) and (3) of section 30 shall be as specified in the table below :-

TABLE

Sr. No.
Period, liable for interest
Rate of interest
(1)
(2)
(3)
1
Upto one month
One and a quarter per cent of the amount of such tax, for the month or for part thereof.
2
Upto three months
One and a quarter per cent of the amount of such tax, for the month or for part thereof for the first month of delay and one and a half percent of the amount of such tax, for each month or for part thereof for delay beyond one month up to three months.
3
More than three months
One and a quarter per cent of the amount of such tax, for each month or for part thereof for the first month of delay, one and a half per cent of the amount of such tax, for each month or for part thereof for delay beyond one month upto three months and two per cent of the amount of such tax, for each month or for part thereof for the period delay beyond three months.


(2) The rate of interest for the purposes of section 52 shall be half per-cent. of the amount of such tax for each month or for part thereof.

(3) The rate of interest for the purposes of the sub-section (1) of section 53 shall be half per cent. of the amount of such refund for each month or for part thereof.

(4) The rate of interest for the purposes of clause (b) of sub-section (6) of section 51 shall be one and a quarter per cent of the amount of excess refund which is to be recovered, for each month or part thereof.