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of <h1>Taxpayers face up to 24% interest for delayed payments under Section 50 of CGST Act; refunds interest set at 6-9%.</h1> Section 50 of the CGST Act mandates taxpayers to pay interest on delayed tax payments. The interest rate, not exceeding 18%, applies to unpaid taxes beyond the due date, calculated from the day after the tax was due. For wrongly availed and utilized input tax credit, the interest rate can be up to 24%. Interest on delayed refunds is set at 6%, and 9% for refunds not issued within 60 days post-adjudication. Interest payment must be debited from the Electronic Tax Liability Register and cannot be offset with the Electronic Credit Ledger balance.
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