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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Late GST Payments in Karnataka Attract Up to 18% Interest; Excess Credit Claims Could Face 24% Interest Penalty</h1> Under the Karnataka Goods and Services Tax Act, 2017, individuals liable to pay tax must do so within the prescribed period. If they fail to pay on time, they must pay interest on the unpaid amount at a rate not exceeding 18%, as determined by the government. Interest is calculated from the day after the tax was due. Additionally, if a taxable person makes an undue or excess input tax credit claim or reduces output tax liability excessively, they must pay interest at a rate not exceeding 24%, as notified by the government.
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