Central Government sets interest rates per annum under specific sections of GST Acts.
Determined under the Integrated Goods and Services Tax Act, 2017 and Central Goods and Services Tax Act, 2017.
Rates range from 18% to 9%, based on different sections.
Rates applicable for various purposes like delayed payments, refunds, and other transactions.
Issued on the recommendations of the Goods and Services Tax Council.
Effective from July 1, 2017.
Announced by Dr. Sree Parvathy S.L., Under Secretary to the Government of India.