Delayed GST payment interest schedule revised for different turnover categories and specified months, with graduated rates and retroactive effect. Amendment changes the non-compliance wording to 'liable to pay tax but fail to do so' and replaces the table heading 'Tax period' with 'Month/Quarter.' It substitutes entries differentiating taxpayers by aggregate turnover and return-filing category and prescribes a staged interest schedule for delayed GST payment across specified months and a quarter, with initial grace periods followed by progressively higher rates. The amendment is deemed effective from 18 May 2021.
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Provisions expressly mentioned in the judgment/order text.
Delayed GST payment interest schedule revised for different turnover categories and specified months, with graduated rates and retroactive effect.
Amendment changes the non-compliance wording to "liable to pay tax but fail to do so" and replaces the table heading "Tax period" with "Month/Quarter." It substitutes entries differentiating taxpayers by aggregate turnover and return-filing category and prescribes a staged interest schedule for delayed GST payment across specified months and a quarter, with initial grace periods followed by progressively higher rates. The amendment is deemed effective from 18 May 2021.
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