Central Government has issued Notification 13/2017
As per this notification, following interest rates have been made effective from 1 July 2017
|
Section |
Description |
Late Payment Interest |
|
Section 50(1) |
Interest on Late Payment of Tax |
18% |
|
Section 50(3) |
Excess or Wrong Input Tax Credit taken |
24% |
|
Section 54(12) |
Interest on Refund Withheld |
6% |
|
Section 56 |
Interest on Refund not made within 60 days of receipt of application |
6% |
|
Proviso to Section 56 |
Interest on Refund not made within 60 days of receipt of application (due to order passed by court, tribunal etc) |
9% |
