Section 50 of GST – Interest on delayed payment of tax. Check GST Section 50 In this section you may find all details for Interest on delayed payment of tax as per GST Act 2017. Detailed Analysis of GST Section 50 of GST Act 2017 – Interest on delayed payment of tax. We Provide Complete Details for All GST Section’s and In this article you may find all details for GST Section 50. Check Section Wise Analysis of GST Act 2017, Chapter Wise Analysis of GST All Sections. in this article you may find complete details regarding Section 50 of GST Act 2017 – Interest on delayed payment of tax, gst all sections and definitions. Now Check more details from below…..
Section 50 of GST – Interest on delayed payment of tax
(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 sub-section (10) of section 42 or undue or excess reduction in output tax liability under sub-section (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.
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