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of <h1>Late Tax Payment Under Maharashtra GST Act Attracts Up to 18% Interest; Excess Credit Claims Face Up to 24% Interest.</h1> Every individual liable to pay tax under the Maharashtra 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 eighteen percent, is determined by the government based on the Council's recommendations. Interest is calculated from 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 twenty-four percent, as notified by the government.
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