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of <h1>Odisha Government Sets GST Interest Rates: 18% for Sec 50(1), 24% for Sec 50(3), 6% for Sec 54(12.</h1> The Odisha State Government, following the recommendations of the Goods and Services Tax Council, has set the annual interest rates under the Odisha Goods and Services Tax Act, 2017. Effective from July 1, 2017, the interest rates are as follows: 18% for sub-section (1) of section 50, 24% for sub-section (3) of section 50, 6% for sub-section (12) of section 54, and 6% for section 56, with a proviso to section 56 carrying a 9% interest rate. This notification was issued by the Finance Department on June 29, 2017.
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