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Every person responsible for collecting
expenditure-tax and paying it to the credit of the Central Government in accordance with the provisions of
section 7, who fails to credit the tax to the account of the Central Government within the period specified
in that section, shall pay simple interest at the rate of 1
[one per cent.] for every month or part of a month
by which such crediting of tax is delayed.
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1. Subs. by Act 54 of 2003, s. 22, for "one and one-fourth per cent." (w.e.f. 8-9-2003).