Reduced interest rates for late GST returns provide short-term relief for taxpayers during specified months, easing immediate interest burdens. Amendment inserts turnover-based entries into the principal notification, prescribing a staged interest regime for delayed tax payment for specified months: reduced initial interest for a short grace period from the due date and higher interest thereafter for larger-turnover taxpayers, and an initial nil period followed by graded interest for smaller-turnover and specified return-filing categories. The notification is effective retrospectively from 18 April 2021 and applies to monthly and quarterly filers as classified.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reduced interest rates for late GST returns provide short-term relief for taxpayers during specified months, easing immediate interest burdens.
Amendment inserts turnover-based entries into the principal notification, prescribing a staged interest regime for delayed tax payment for specified months: reduced initial interest for a short grace period from the due date and higher interest thereafter for larger-turnover taxpayers, and an initial nil period followed by graded interest for smaller-turnover and specified return-filing categories. The notification is effective retrospectively from 18 April 2021 and applies to monthly and quarterly filers as classified.
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