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of <h1>India Cuts GST Late Payment Interest Rates for March-April 2021; Varies by Turnover.</h1> The Government of India, through the Ministry of Finance, has issued Notification No. 01/2021 to amend the Integrated Tax notification from June 28, 2017. Effective from April 18, 2021, the notification reduces interest rates for late GST payments for March and April 2021. Taxpayers with an annual turnover over 5 crores will incur a 9% interest rate for the first 15 days past the due date, then 18% thereafter. 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.
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