RATE OF INTEREST FOR FAILURE
TO PAY TAX AND INTEREST FOR DELAYED REFUNDS IN GST REGIME
UNDER TAMIL NADU GOODS AND
SERVICES TAX ACT, 2017
The Goods and Services Tax
Act, 2017 came into force with effect from 1.7.2017 in India.
The Government of Tamil Nadu
has announced the rate of interest for failure pay tax on the due dates and
also announced the rate of interest on refunds delayed etc under the TNGST – Tamil
Nadu Goods and Services Tax Act, 2017 as shown below:
TABLE
Sl.No.
|
Section
|
Rate
of interest
|
(1)
|
(2)
|
(3)
|
1.
|
Sec.50(1) – Failure to pay tax
|
18
%
|
2.
|
Sec.50(3) – Less tax paid / excess
ITC availed
|
24
%
|
3.
|
Sec.54(12)- Interest on refunds
withheld in an appeal
later given
|
6
%
|
4.
|
Sec.56 -
Interest on delayed
refunds
|
6
%
|
5.
|
Proviso to Section 56 – Interest on refunds ordered
in an appeal
|
9
%
|
This notification shall come into force from the 1st
day of July, 2017.
(The above rate
of interest is applicable in all States in India with effect from 1.7.2017 as
per the Notifications issued by their respective State Governments.)
To view the Government Notification clink the link given below: