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of <h1>Finance Ministry Amends Tax Notification: Reduced Interest Rates for Delayed Payments from March to May 2021.</h1> The Ministry of Finance has issued Notification No. 02/2021 to amend the Integrated Tax notification, reducing the interest rate for delayed tax payments for March to May 2021. Taxpayers with an annual turnover above 5 crores will incur a 9% interest rate for the first 15 days post due date, then 18% thereafter. Those with a turnover up to 5 crores will have no interest for the first 15 days, 9% for the next 45 days for March, 30 days for April, and 15 days for May, then 18% thereafter. The notification is effective from May 18, 2021.
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