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of <h1>Finance Ministry Cuts Interest Rates for Late Tax Payments Under CGST Act for March-May 2021 Period.</h1> The Ministry of Finance issued Notification No. 18/2021 on June 1, 2021, under the Central Goods and Services Tax Act, 2017, to amend previous tax notifications. It provides temporary relief by reducing interest rates for late tax payments for periods from March to May 2021. Taxpayers with an annual turnover above 5 crores are charged 9% interest for the first 15 days after the due date, then 18%. Those with turnovers up to 5 crores pay no interest for 15 days, 9% for the next 15-45 days, and 18% thereafter. The notification is effective from May 18, 2021.
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