Andhra Pradesh Lowers Interest Rates on Late GST Payments for March-May 2021; Relief for Small and Large Businesses.

The Andhra Pradesh government amended notification G.O.Ms.No.263, dated 29-6-2017, under the Andhra Pradesh Goods and Services Tax Act, 2017. Effective from May 18, 2021, the amendment provides relief by lowering the interest rate for late tax payments for March to May 2021. Taxpayers with over Rs. 5 crores turnover will incur 9% interest for the first 15 days, then 18% thereafter. Those with up to Rs. 5 crores turnover will have no interest for the first 15 days, 9% for the following days, and 18% thereafter, with varying durations depending on the month.