Interest rate relief for delayed IGST payments reduces interest for specified tax periods and eases compliance timelines. Provides a targeted interest rate relief for delayed IGST payments for March-May 2021 by amending the principal notification: substituting wording to refer to taxpayers 'liable to pay tax but fail to do so', changing the table heading to 'Month/Quarter', and replacing table entries to impose time-bound, tiered interest regimes based on aggregate turnover and filing categories. The amendment prescribes initial reduced or nil interest windows followed by higher rates for subsequent periods and is effective retrospectively from 18 May 2021.
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Provisions expressly mentioned in the judgment/order text.
Interest rate relief for delayed IGST payments reduces interest for specified tax periods and eases compliance timelines.
Provides a targeted interest rate relief for delayed IGST payments for March-May 2021 by amending the principal notification: substituting wording to refer to taxpayers "liable to pay tax but fail to do so", changing the table heading to "Month/Quarter", and replacing table entries to impose time-bound, tiered interest regimes based on aggregate turnover and filing categories. The amendment prescribes initial reduced or nil interest windows followed by higher rates for subsequent periods and is effective retrospectively from 18 May 2021.
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