Interest relief for delayed GST returns provides staged lower interest rates for different turnover categories and filing periods. The notification inserts a table prescribing staged interest treatment for delayed GST returns for March 2021 and April 2021, differentiating taxpayers by aggregate turnover and by the category of return under section 39: higher-turnover taxpayers receive a reduced interest rate for an initial short period from the due date and a higher rate thereafter; lower-turnover and certain other return categories receive nil interest for an initial short period, a moderate rate for the next short period, and a higher rate thereafter. The amendment is effective from 18 April 2021.
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Interest relief for delayed GST returns provides staged lower interest rates for different turnover categories and filing periods.
The notification inserts a table prescribing staged interest treatment for delayed GST returns for March 2021 and April 2021, differentiating taxpayers by aggregate turnover and by the category of return under section 39: higher-turnover taxpayers receive a reduced interest rate for an initial short period from the due date and a higher rate thereafter; lower-turnover and certain other return categories receive nil interest for an initial short period, a moderate rate for the next short period, and a higher rate thereafter. The amendment is effective from 18 April 2021.
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