Indirect Taxes
- Customs
- Advance Rulings
- Audit
- Background
- Classification of Goods under The Customs Tariff Act, 1975
- Customs Duty Drawbacks
- Date for Determining Rate of Duty and Valuation
- Demand, Recovery and Refund of Duty
- Interest
- Levy of Customs Duty
- Penalties
- Procedure of Import
- Prosecution
- Settlement of Cases
- Some Important Definitions
- Types of Duties
- Valuation of Goods
- Warehousing
- Goods and Services Tax (GST)
- Accounts and Records
- Assessments and Audits
- Classification of Goods and Services
- E-Way Bill
- Input Tax Credit (ITC)
- Interest
- Penalties & Prosecution
- Place of Supply
- Refund
- Registration
- Relevant Circulars - Miscellaneous
- Returns
- Reverse Charge Mechanism under Goods and Services Tax (GST)
- Supply with Schedules
- Time of Supply
- Transitional Provisions
- Valuation of Supplies
- Maharashtra Profession Tax
- Maharashtra Value Added Tax
- Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019
- Service Tax
INTEREST
Interest Rates: (Notification 13/2017 – Central Tax dated 28.06.2017)
|
Delay on account of |
Notified Rate |
|---|---|
|
Section 50 (1) of CGST Act - Failure to pay tax (Payable by the taxpayer) |
18% |
|
Section 50 (3) of CGST Act - Excess or undue claim of input tax credit under section 42 (10) of CGST Act or undue or excess reduction in output tax liability under section 43 (10) of CGST Act (Payable by the taxpayer) |
24% |
|
Section 54 (12) of CGST Act – Refund withheld u/s 54 (11) ((Payable by the Government) |
6% |
|
Section 56 of CGST Act – Interest on refunds in case of delay beyond sixty days from the date of receipt of application for refund (Payable by the Government) |
6% |
|
Proviso to section 56 of CGST Act – Interest on refunds pursuant to an order passed by adjudicating authority or Appellate Authority or Appellate Tribunal or Court, which has attained finality not paid within 60 days from the date of receipt of application consequent to such order (Payable by the Government) |
9% |
Corresponding notifications under IGST Act and respective State GST Act to be referred for interest.
Note: For the delay in payment of GST for the month of February 2020 to April 2020, benefit of concessional of rate of interest / waiver of interest is provided if the payment is made within prescribed time limit (Notification No. 31/2020 – Central Tax dated 03/04/2020)