Interest rates under GST Act fixed for delayed payments, assessments and refunds, with differential rates and an effective date. Fixes the rate of interest per annum under specified provisions of the State Goods and Services Tax Act for delayed payments, assessment-related defaults, refunds and the proviso to the refund provision. The notification prescribes differentiated annual interest rates: delayed payment provision at 18% per annum; extended-default provision at 24% per annum; refund-related provisions at 6% per annum; and the proviso to the refund provision at 9% per annum. These rates take effect from the notification's commencement date.
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 rates under GST Act fixed for delayed payments, assessments and refunds, with differential rates and an effective date.
Fixes the rate of interest per annum under specified provisions of the State Goods and Services Tax Act for delayed payments, assessment-related defaults, refunds and the proviso to the refund provision. The notification prescribes differentiated annual interest rates: delayed payment provision at 18% per annum; extended-default provision at 24% per annum; refund-related provisions at 6% per annum; and the proviso to the refund provision at 9% per annum. These rates take effect from the notification's commencement date.
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