Interest on delayed tax accrues from the day after the due date; higher interest applies to undue input tax claims. Interest is payable by any person who fails to pay tax within the prescribed period, calculated from the day after the tax was due at a rate notified by the Government on the Council's recommendation, subject to a statutory ceiling. Separately, a taxable person making an undue or excess claim of input tax credit or undue or excess reduction in output tax liability must pay interest on the excess at a higher notified rate, also subject to a statutory ceiling and prescribed calculation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on delayed tax accrues from the day after the due date; higher interest applies to undue input tax claims.
Interest is payable by any person who fails to pay tax within the prescribed period, calculated from the day after the tax was due at a rate notified by the Government on the Council's recommendation, subject to a statutory ceiling. Separately, a taxable person making an undue or excess claim of input tax credit or undue or excess reduction in output tax liability must pay interest on the excess at a higher notified rate, also subject to a statutory ceiling and prescribed calculation.
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