Reduced GST interest rates for delayed returns provide phased lower interest relief for affected March and April return periods. The amendment inserts new table entries establishing phased interest rates for delayed GST returns for March and April return periods: higher-turnover taxpayers face reduced interest for the first fifteen days and higher rates thereafter; lower-turnover taxpayers and certain filers receive nil interest for the first fifteen days, a moderate rate for the next fifteen days, and higher rates thereafter. The change amends the earlier notification and is effective from the 18th day of April, 2021.
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Provisions expressly mentioned in the judgment/order text.
Reduced GST interest rates for delayed returns provide phased lower interest relief for affected March and April return periods.
The amendment inserts new table entries establishing phased interest rates for delayed GST returns for March and April return periods: higher-turnover taxpayers face reduced interest for the first fifteen days and higher rates thereafter; lower-turnover taxpayers and certain filers receive nil interest for the first fifteen days, a moderate rate for the next fifteen days, and higher rates thereafter. The change amends the earlier notification and is effective from the 18th day of April, 2021.
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