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<h1>Interest on delayed tax payments: late taxpayers pay interest from the day after due; higher rate for excess credits.</h1> Persons liable to pay tax who fail to remit tax within the prescribed period must pay interest for the period the tax remains unpaid; the Government may notify an interest rate ceiling and interest is calculated from the day after the due date in the prescribed manner. Taxable persons making undue or excess input tax credit claims or undue reductions in output tax liability must pay interest on those amounts, for which the Government may notify a higher interest rate ceiling.
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