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of <h1>Taxpayers must pay interest on late tax payments and undue input tax credits as per the Act's guidelines.</h1> Every person required to pay tax under the Act who fails to do so within the prescribed period must pay interest on the unpaid amount at a rate notified by the government based on the Council's recommendation. This interest is calculated from the day the tax was initially due. Additionally, if a taxable person claims undue or excessive input tax credit, they must pay interest on the excess amount at a prescribed rate for the specified period.
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