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of <h1>Finance Ministry Amends GST Act: Reduced Interest Rates on Late Tax Payments for March and April 2021.</h1> The Ministry of Finance, under the Union Territory Goods and Services Tax Act, 2017, has issued Notification No. 01/2021 to amend the previous notification dated June 30, 2017. Effective from April 18, 2021, the notification provides for reduced interest rates on delayed tax payments for March and April 2021. Taxpayers with turnovers over 5 crores will incur a 9% interest rate for the first 15 days past the due date, increasing to 18% thereafter. Those with turnovers up to 5 crores will have no interest for the first 15 days, 9% for the next 15 days, and 18% thereafter.
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