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of <h1>Finance Ministry Reduces Interest on Late Tax Payments for March-May 2021 Under UTGST Act, Effective May 18, 2021.</h1> The notification from the Ministry of Finance, dated June 1, 2021, amends a previous notification to provide relief by reducing the interest rates on late tax payments for the periods of March to May 2021 under the Union Territory Goods and Services Tax Act. For taxpayers with an aggregate turnover over Rs. 5 crores, the interest is 9% for the first 15 days past the due date, increasing to 18% thereafter. For those with a turnover up to Rs. 5 crores, the interest is nil for the first 15 days, 9% for the subsequent period, and 18% thereafter, varying by month. This amendment is effective from May 18, 2021.
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