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of <h1>Interest Penalties for Late Tax Payment and Improper Claims Under Punjab GST Act 2017: Up to 24% Rate</h1> Under the Punjab Goods and Services Tax Act, 2017, any individual liable to pay tax who fails to do so within the prescribed period must pay interest on the unpaid tax. The interest rate, not exceeding 18%, is determined by the government based on the Council's recommendations. Interest calculation begins the day after the tax was due. Additionally, if a taxable person makes an undue or excessive claim of input tax credit or reduces output tax liability improperly, they must pay interest at a rate not exceeding 24%, as notified by the government.
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