Section 50
Interest on delayed payment of tax.
GST
PAYMENT OF TAX
Section 50 of Central Goods And Services Tax Act, 2017
Interest on delayed payment of tax.
50. (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[Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said pe
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Government, on the recommendations of the Council, and the interest shall be calculated, in such manner as may be prescribed.]
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NOTES:-
1.
Inserted vide Section 100 of the Finance (No. 2) Act, 2019 w.e.f. 01-09-2020
2.
Substituted vide Section 112 of the Finance Act, 2021 w.e.f. 01-07-2017 (this amendment came into effect w.e.f. 01-06-2021 vide notification no. 16/2021 dated 01-06-2021) before it was read as,
“1[Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencemen
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