Interest on delayed tax payments accrues from the day after due date; higher rates apply to excess input-credit claims. Tax not paid within the prescribed period attracts interest at a Government-notified rate (not exceeding eighteen per cent), calculated from the day after the tax was due; undue or excess claims of input tax credit or undue or excess reductions in output tax liability attract interest on the amount of such undue or excess claim or reduction at a notified higher rate (not exceeding twenty-four per cent).
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 accrues from the day after due date; higher rates apply to excess input-credit claims.
Tax not paid within the prescribed period attracts interest at a Government-notified rate (not exceeding eighteen per cent), calculated from the day after the tax was due; undue or excess claims of input tax credit or undue or excess reductions in output tax liability attract interest on the amount of such undue or excess claim or reduction at a notified higher rate (not exceeding twenty-four per cent).
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