APPLICABILITY OF NORMAL RATE OF INTEREST
Section 50(1) and 50(2) of the CGST Act 2017 read as under – ‘’(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
Source Taxguru
