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of <h1>Government Sets Interest Rates for IGST and CGST: 6% to 18% Annually, with COVID-19 Concessions for 2020-2021.</h1> The notification issued by the Government of India prescribes the rate of interest under the Integrated Goods and Services Tax (IGST) Act, 2017. It specifies different interest rates applicable for various sections of the IGST and Central Goods and Services Tax (CGST) Acts. The rates range from 6% to 18% per annum, depending on the specific provisions and circumstances, such as late payment of taxes by registered taxpayers. The notification also details interest concessions for taxpayers based on their turnover and geographical location for specific periods, particularly during the months affected by the COVID-19 pandemic in 2020 and 2021.
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