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of <h1>Section 50 of the Manipur GST Act: Pay Interest for Late Tax Payments and Excessive Input Tax Credit Claims.</h1> Section 50 of the Manipur Goods and Services Tax Act, 2017, mandates that any person liable to pay tax 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. Interest is calculated from the day after the tax was due. Additionally, if a taxable person makes an undue or excessive input tax credit claim 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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