new delhi jun 28 with two days left for roll out of gst the finance ministry has started notifying various provisions of law relating to interest calculation input tax credit and valuation provisions in the central gst act cgst integrated gst igst act and union territory gst act and rules under them are being notified these include those relating to tax invoice credit and debit notes accounts and records returns payment of tax refund assessment and audit advance ruling also appeals and revisions transitional provisions antiprofiteering and eway rules have been notified which shall come into effect from july 1 as per the notification interest at 18 per cent is to be paid for delayed payment of tax 24 per cent in case of excess claim of input credit or undueexcess reduction in output liability besides interest at the rate of 6 per cent would accrue in case refund is withheld with regard to igst provision prescribing refund of 50 per cent of igst on supplies to defence run csd canteen has been notified also notified is those provisions relating to supplies of goods in respect of which no refund of unutilised input tax credit shall be allowed the ministry has also notified the composition levy and has barred manufacturers of ice cream pan masala and tobacco from paying tax under the scheme under the composition scheme where the sales of businesses does not exceed rs 75 lakh manufacturers will have to pay 1 per cent of turnover as gst traders 25 per cent and 05 per cent of turnover in state in case of other suppliers besides the ministry has also notified 12 amendments to the cgst rules among other things the amendments provide for cancellation of registration of a business for violation of antiprofiteering rules the goods and services tax gst will be rolled out from july 1 and in the run up to the new indirect tax regime various provisions are being notified by the finance ministry jd mr