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of <h1>Taxpayers under Tamil Nadu GST Act, 2017 face up to 18% interest for late payments, up to 24% for excess claims.</h1> Every individual obligated to pay tax under the Tamil Nadu Goods and Services Tax Act, 2017, who fails to do so within the prescribed period, must pay interest on the unpaid amount. The interest rate, not exceeding 18%, is determined by the government based on the Council's recommendations. This interest is calculated from the day after the tax was due. Additionally, if a taxable person makes an undue or excess claim of input tax credit or reduces output tax liability excessively, they must pay interest at a rate not exceeding 24%, as determined by the government.
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