50 Interest on delayed payment of tax.-CGST Billl 2017

By | April 7, 2017
(Last Updated On: April 7, 2017)

CGST Billl 2017

AS INTRODUCED IN LOK SABHA
Bill No. 57 of 2017

THE CENTRAL GOODS AND SERVICES TAX BILL, 2017

Interest on delayed payment of tax.  

  1. (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.

Direct Taxes Ready Reckoner
Service Tax Ready Reckoner
Company Law Ready Reckoner
tax deduction at source
New Books Released on Tax , GST and law

One thought on “50 Interest on delayed payment of tax.-CGST Billl 2017

  1. Pingback: CGST Billl 2017- Chapter Wise and Section Wise - Tax Heal

Leave a Reply

Your email address will not be published. Required fields are marked *