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of <h1>Late Tax Payments Under IGST Act, 2016 Attract Interest; Excess Input Tax Credit Claims Also Subject to Interest Penalties.</h1> Every person liable to pay tax under the Integrated Goods and Services Tax Act, 2016, who fails to pay the tax within the prescribed period, must pay interest at a rate notified by the Central Government on the recommendation of the Council. This interest is calculated from the first day the tax was due. Additionally, if a taxable person makes an undue or excess claim of input tax credit, they must pay interest on the excess amount at the prescribed rate for the designated period.
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