Amendment status not verified — confirm the current text below against the official source.
(1) Every person who is liable to pay tax in accordance with the Interest on provisions of this Act or the rules made thereunder, but fails delayed to pay the tax or any part thereof to the Government within payment of 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 maybe 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 the input tax credit under sub-section (10) of section 42 or undue or excess reduction in the output tax liability under sub-section (10) of section 43, shall pay interest on such due 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.