Interest rates in GST

Sl. No.

Section

Coverage

Rate of interest

(in per cent)

1.

Sub-section (1) of section 50

Less payment of output tax

18%

2.

Sub-section (3) of section 50

ITC added to outward tax

24%

3.

Sub-section (12) of section 54

When refund is on hold due to adverse effect by officer

6%

4.

Section 56

Refund later than 60 days from date of application

6%

5.

Proviso to section 56

Refund in pursuant of an order not paid within 60 days of order

9%