Interest on delayed tax payments: late payers must self-assess and remit prescribed interest on unpaid amounts. Every person liable for tax must pay interest for periods during which tax remains unpaid at a rate notified by the Government on the Council's recommendation; interest is calculated from the day after the tax was due in the prescribed manner and is payable by the taxpayer. Where a taxable person makes an undue or excess input tax credit claim or undue or excess reduction in output tax liability, interest is payable on that undue or excess amount at a higher 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: late payers must self-assess and remit prescribed interest on unpaid amounts.
Every person liable for tax must pay interest for periods during which tax remains unpaid at a rate notified by the Government on the Council's recommendation; interest is calculated from the day after the tax was due in the prescribed manner and is payable by the taxpayer. Where a taxable person makes an undue or excess input tax credit claim or undue or excess reduction in output tax liability, interest is payable on that undue or excess amount at a higher notified rate.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
