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<h1>Interest on delayed tax payment requires liable persons to self pay notified interest rates and on excess input credit claims.</h1> Persons liable to pay tax who fail to remit tax within the prescribed period must pay interest on the unpaid amount at a government notified rate not exceeding eighteen per cent, calculated from the day after the tax fell due. Taxable persons who make undue or excess claims of input tax credit or undue or excess reductions in output tax liability must pay interest on those claims or reductions at a government notified rate not exceeding twenty four per cent, with calculation and rates prescribed by rules.
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