Interest on delayed payment of tax :
Every person liable to pay tax in accordance with the provisions of the Act or rules made there under, who fails to pay the tax or any part thereof to the account of the Central or a State Government within the period prescribed, shall, on his own, for the period for which the tax or any part thereof remains unpaid, pay interest at such rate, not exceeding 18%, as may be notified by the Central or a State Government on the
recommendation of the Council – section 50(1) of CGST Act.
The interest shall be calculated from the day succeeding the day on which such tax was due to be paid – section 50(2) of CGST Act.
Interest if undue or excess ITC claimed – In case a taxable person makes an undue or excess claim of input tax credit under section 42(10) or undue or excess reduction in output tax liability under section 43(10), he shall be liable to pay interest on such undue or excess claim at such rate not exceeding 24%, as may be notified by Government on the recommendation of GST Council – section 50(3) of CGST Act.