Interest on delayed tax payment: unpaid tax and excess credit claims attract government notified interest and prescribed calculation.

Interest accrues on unpaid tax from the day after payment was due; taxpayers must pay interest at a rate not exceeding eighteen per cent as notified by the Government on Council recommendation, calculated in the prescribed manner. Separately, undue or excess claims of input tax credit or undue or excess reductions of output tax liability attract interest on the excess amount at a rate not exceeding twenty-four per cent as may be notified by the Government on the recommendations of the Council.

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