Section 50 of CGST Act, 2017 Interest on delayed payment of tax
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The below post explains about Interest on delayed payment of tax under section 50 of CGST Act,2017.
Section 50 of CGST Act, 2017 explains Interest on delayed payment of tax as below: (The amendments if any will also be updated here soon).
The extract of Section 50 of CGST Act,2017 quoted below:
50 Interest on delayed payment of tax.
50. (1) Every person who is liable to pay tax in accordance with the provisions of this
Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government
within the period prescribed, shall for the period for which the tax or any part thereof remains
unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent., as may be
notified by the Government on the recommendations of the Council.
(2) The interest under sub-section (1) shall be calculated, in such manner as may be
prescribed, from the day succeeding the day on which such tax was due to be paid.
(3) A taxable person who makes an undue or excess claim of input tax credit under subsection
(10) of section 42 or undue or excess reduction in output tax liability under subsection
(10) of section 43, shall pay interest on such undue or excess claim or on such undue
or excess reduction, as the case may be, at such rate not exceeding twenty-four per cent., as
may be notified by the Government on the recommendations of the Council.
The above information clarifies about Interest on delayed payment of tax under section 50 of CGST Act,2017.
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