Central Board of Excise and Customs, in its Notification No. 13/2017 – Central Tax dated the 28th June, 2017, has prescribed the rate of interest on delayed payment of tax and the rate of interest on delayed refunds, as necessary to be paid under respective sections 50, 54 and 56 of the Central Goods and Services Tax Act, 2017. The notification's contents is reproduced as under:
"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 the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the 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.
2. This notification shall come into force from the 1st day of July, 2017."