Interest on delayed tax: late GST payments and undue input tax credit claims attract government notified interest and prescribed computation.

Section 50 requires payment of interest by any person who fails to pay tax within the prescribed period, at a Government notified rate (subject to a statutory ceiling), computed in the prescribed manner from the day after the tax was due; it also requires interest on undue or excess input tax credit claims or undue or excess reductions in output tax liability at a higher Government notified rate subject to a separate statutory ceiling.

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