SECTION 50, READ WITH SECTIONS 54 AND 56, OF THE ANDHRA PRADESH GOODS AND SERVICES TAX ACT, 2017 – INTEREST ON DELAYED PAYMENT OF TAX – NOTIFIED RATE OF INTEREST UNDER SECTIONS 50(1)/(3), 54(12) AND 56 AND ITS PROVISO
NOTIFICATION G.O.MS.No.263, DATED 29-6-2017
In exercise of the powers conferred by sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of Andhra Pradesh Goods and Services Tax Act, 2017 (16 of 2017), the Government, on the recommendations of Council, hereby fixes the rate of interest per annum for the purposes of the sections as specified in column (2) of the Table below as mentioned in the corresponding entry in column (3) of the said Table:—
TABLE
| Serial Number | Section | Rate of interest |
| (1) | (2) | (3) |
| 1. | Sub-section (1) of section 50 | 18 |
| 2. | Sub-section (3) of section 50 | 24 |
| 3. | Sub-section (12) of section 54 | 6 |
| 4. | Section 56 | 6 |
| 5. | Proviso to section 56 | 9 |
2. This notification shall come into force from the 1st day of July, 2017.