Rate of Interest Under Goods and Service Tax
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Rate of Interest under Goods and Service Tax
Refer Notification Numbers – 13/2017 – Central Tax, dated 28th day of June, 2017 and 06/2017 – Integrated Tax, dated 28th day of June, 2017
Effective from – 01/07/2017
| Sl. No. | Particulars | Rate of interest per annum |
| 1 | For non-payment or late payment of tax liability or any part thereof | 18% |
| 2 | For undue or excess claim of ITC or undue or excess reduction of output tax liability | 24% |
| 3 |
For withholding of refund. Such refund order is the subject matter of appeal or further proceedings. Provided the taxable person becomes entitled to such refund on disposal of the appeal or further proceedings | 6% |
| 4 |
For withholding of refund beyond sixty days from the date of receipt of application for refund. Provided a proper officer issued refund order after appropriate proceedings. | 6% |
| 5 |
For withholding of refund and such claim of refund arises from an order passed by an Adjudicating authority or Appellate authority or Court which has attained finality and the same is not refunded within 60 days from the date of receipt of application field consequent to such order. | 9% |
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