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of <h1>Interest Penalties for Late Tax Payments and Excess Claims Under West Bengal GST Act 2017: Up to 24% Rate</h1> Under the West Bengal Goods and Services Tax Act, 2017, individuals liable to pay tax must do so within the prescribed period. Failure to pay results in an obligation to pay interest, up to 18%, as notified by the government. This interest is calculated from the day after the tax was due. Additionally, if a taxable person makes an undue or excessive claim of input tax credit or reduction in output tax liability, they must pay interest on the excess amount at a rate not exceeding 24%, as determined by the government.
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