Interest rates for delayed GST returns now vary by taxpayer turnover with phased increases after an initial grace period. Amendment inserts Table entries prescribing differentiated interest rates for delayed GST returns based on taxpayers' aggregate turnover and return type, applying a staged interest schedule with an initial lower phase followed by higher rates for subsequent periods. The changes amend the first proviso Table of Notification No.13/2017-State Tax under section 50 read with section 148, and are effective from 18th April, 2021 for the specified monthly and quarterly return periods.
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Interest rates for delayed GST returns now vary by taxpayer turnover with phased increases after an initial grace period.
Amendment inserts Table entries prescribing differentiated interest rates for delayed GST returns based on taxpayers' aggregate turnover and return type, applying a staged interest schedule with an initial lower phase followed by higher rates for subsequent periods. The changes amend the first proviso Table of Notification No.13/2017-State Tax under section 50 read with section 148, and are effective from 18th April, 2021 for the specified monthly and quarterly return periods.
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