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of <h1>New Interest Rates for Late Tax Payments Under CGST Act 2017: Notification No. 08/2021.</h1> The Ministry of Finance, through the Central Board of Indirect Taxes and Customs, issued Notification No. 08/2021 to amend the interest rates on late tax payments under the Central Goods and Services Tax Act, 2017. Effective from April 18, 2021, taxpayers with an annual turnover exceeding 5 crores will incur a 9% interest rate for the first 15 days post-due date and 18% thereafter for March and April 2021. Taxpayers with a turnover up to 5 crores will have no interest for the first 15 days, 9% for the next 15 days, and 18% thereafter. This applies to monthly and quarterly returns.
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