GST interest liability revised with substituted liability wording and staged interest schedule for specified months, effective retroactively. The amendment substitutes the proviso wording to apply where a person is liable to pay tax but fails to do so, changes the Table heading from 'Tax period' to 'Month/Quarter', and replaces serials 4-7 with a staged interest schedule that differentiates taxpayers by aggregate turnover and specifies initial lower or nil interest periods followed by higher interest for March, April and May 2021 and for the quarter ending March 2021; effective from 18 May 2021.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
GST interest liability revised with substituted liability wording and staged interest schedule for specified months, effective retroactively.
The amendment substitutes the proviso wording to apply where a person is liable to pay tax but fails to do so, changes the Table heading from "Tax period" to "Month/Quarter", and replaces serials 4-7 with a staged interest schedule that differentiates taxpayers by aggregate turnover and specifies initial lower or nil interest periods followed by higher interest for March, April and May 2021 and for the quarter ending March 2021; effective from 18 May 2021.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
