Section-45. Interest on delayed payment of tax
(1) Every person liable to pay tax in
accordance with the provisions of the Act or
rules made thereunder, 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 as may be
notified, on the recommendation of the
Council, by the Central or a State
Government.
(2) The interest under sub-section
(1) shall be calculated from the first day on which
such tax was due to be paid.
(3) In case a taxable person makes an
undue or excess claim of input tax credit
under sub-section (10) of section 37
or undue or excess reduction in output tax
liability under sub-section (10) of
section 38, he shall be liable to pay interest on
such undue or excess claim or on such
undue or excess reduction, as the case
may be, at the prescribed rate for the period computed
in the manner prescribed.
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