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Notification No. 13/2017 – Central Tax provides for the Interest rates in GST. Following is a tabular representation of various 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% |
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