Interest on delayed tax payments: taxpayers must pay government notified rates from the day after the tax became due. Every person liable to pay tax who fails to remit tax within the prescribed period must pay interest on the unpaid amount for the period of default at a rate notified by the Government, calculated in the prescribed manner from the day after the tax became due. Separately, where a taxable person makes an undue or excess input tax credit claim or undue reduction in output tax liability, interest is payable on the undue or excess amount at a government notified rate.
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 payments: taxpayers must pay government notified rates from the day after the tax became due.
Every person liable to pay tax who fails to remit tax within the prescribed period must pay interest on the unpaid amount for the period of default at a rate notified by the Government, calculated in the prescribed manner from the day after the tax became due. Separately, where a taxable person makes an undue or excess input tax credit claim or undue reduction in output tax liability, interest is payable on the undue or excess amount at a government notified rate.
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