Interest on delayed tax payments: interest accrues from the day after the due date at government notified rates for unpaid tax and excess claims.

Section 50 imposes interest where tax remains unpaid and where input tax credit or output tax reductions are claimed in excess: interest on unpaid tax is charged from the day after the due date at a government notified rate not exceeding eighteen per cent.; interest on undue or excess input tax credit or excess reduction in output tax liability is charged on the excess at a government notified rate not exceeding twenty four per cent., with calculation in the prescribed manner.

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