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of <h1>Notification sets Central GST interest rates: 18% under s50(1) (and s50(3)), 6% under s54(12)/s56, 9% proviso; phased 2020-21 relief windows</h1> The notification fixes annual interest rates under the Central GST Act: 18% for interest under section 50(1) (with 7[18] for sub-section (3)), 6% for sub-section (12) of section 54 and section 56, and 9% for the proviso to section 56, effective from 1 July 2017. It prescribes tailored interest relief for specified months during 2020-2021: staggered nil/9%/18% windows depending on taxpayers' aggregate turnover and principal place of business, with specified extended nil-interest periods for smaller taxpayers and phased higher rates thereafter.
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