Interest rate fixation under Jammu and Kashmir GST: varying annual rates apply to sections on payment, refund and delay. The State Government, on the Council's recommendation and under the Jammu and Kashmir GST Act, fixes distinct annual interest rates for specified provisions: sub section (1) and sub section (3) of section 50, sub section (12) of section 54, section 56, and the proviso to section 56. The notification specifies rate allocations for each listed provision and declares the rates effective from 8th July, 2017, thereby establishing the statutory interest obligations applicable to delayed payment, differential tax liability and refund/adjustment situations under the Act.