Interest on delayed tax payment: interest accrues from day after due date; higher rate applies to undue input tax claims. Persons liable to pay tax who fail to pay within the prescribed period must pay interest for the period of non-payment at a rate notified by the Government on the Council's recommendation, calculated in the prescribed manner from the day after the tax was due; undue or excess input tax credit claims or undue or excess reductions in output tax liability attract interest at a higher maximum rate notified by the Government, calculated as prescribed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on delayed tax payment: interest accrues from day after due date; higher rate applies to undue input tax claims.
Persons liable to pay tax who fail to pay within the prescribed period must pay interest for the period of non-payment at a rate notified by the Government on the Council's recommendation, calculated in the prescribed manner from the day after the tax was due; undue or excess input tax credit claims or undue or excess reductions in output tax liability attract interest at a higher maximum rate notified by the Government, calculated as prescribed.
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