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of <h1>Karnataka GST Act Interest Rates: 18% for Section 50(1), 24% for 50(3), 6% for 54(12), 6%-9% for Section 56.</h1> The Government of Karnataka, under the Karnataka Goods and Services Tax Act, 2017, has set the annual interest rates for specific sections of the Act, effective from July 1, 2017. The rates are as follows: 18% for subsection (1) of section 50, 24% for subsection (3) of section 50, 6% for subsection (12) of section 54, 6% for section 56, and 9% for the proviso to section 56. This decision follows recommendations from the Goods and Services Tax Council.
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