Reduced interest rates for delayed GST returns eased for March and April, with staged bands and retrospective effect. Amendment inserts staged interest relief for delayed GST returns for March and April 2021: higher-turnover taxpayers face 9% interest for the first 15 days from the due date and 18% thereafter; lower-turnover and specified return categories receive nil for the first 15 days, 9% for the next 15 days, and 18% thereafter. The same bands apply to quarterly filers for the quarter ending March 2021. The amendment takes effect retrospectively from 18 April 2021 as an insertion into the existing notification.
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.
Reduced interest rates for delayed GST returns eased for March and April, with staged bands and retrospective effect.
Amendment inserts staged interest relief for delayed GST returns for March and April 2021: higher-turnover taxpayers face 9% interest for the first 15 days from the due date and 18% thereafter; lower-turnover and specified return categories receive nil for the first 15 days, 9% for the next 15 days, and 18% thereafter. The same bands apply to quarterly filers for the quarter ending March 2021. The amendment takes effect retrospectively from 18 April 2021 as an insertion into the existing notification.
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 
