Interest rates under GST Act, Interest Provisions in GST Regime
Interest rates under GST Act, Interest Provisions under GST Regime. It details interest rates applicable in GST under various scenarios. know more...||Interest rates under GST Act, Interest Provisions under GST Regime. It details interest rates applicable in GST under various scenarios. know more...||Interest rates under GST Act, Interest Provisions under GST Regime. It details interest rates applicable in GST under various scenarios. know more...||Interest rates under GST Act, Interest Provisions under GST Regime. It details interest rates applicable in GST under various scenarios. know more...||Interest rates under GST Act, Interest Provisions under GST Regime. It details interest rates applicable in GST under various scenarios. know more...||Interest rates under GST Act, Interest Provisions under GST Regime. It details interest rates applicable in GST under various scenarios. know more...

Interest on delayed payment of tax {section 50}
- 50(1): - Delay in payment of tax, in part or in full.
- 50(3): - Undue or excess claim of input tax credit under section 42(10)
- 50(3): - Undue or excess reduction in output tax liability under section 43(10)
Section 50(1): -
Any person who is liable to pay tax under this act but fails to pay tax or any part of tax to the govt. within prescribed period (Last day on which return is to be filled). He shall be liable to pay interest @ 18% from the day succeeding the day on which tax was due to be paid. Interest on excess input tax credit claimed Case 1 Where ITC claimed by the recipient on inward supply: -- Is in excess of tax declared by the supplier for such supply, or
- Such supply is not reflected in his valid return.
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Consequences
Case 1
Scenario 1
Scenario 2
- Due date of furnishing return for September month (i.e. 10th October)
- Due date of furnishing return for 2nd quarter following the end of financial year (i.e. 18th October)
- Actual date of furnishing annual return.