Interest on delayed payment of equalisation levy.

170. Every ¹[assessee or e-commerce operator], who fails to credit the equalisation levy or any part thereof as required under ²[section 166 or section 166A] to the account of the Central Government within the period specified in that section, shall pay simple interest at the rate of one per cent of such levy for every month or part of a month by which such crediting of the tax or any part thereof is delayed.

Note:

1. Substituted for "assessee" by the Finance Act, 2020, w.e.f. 1-4-2020.

2. Substituted for "section 166" by the Finance Act, 2020, w.e.f. 1-4-2020.