Interest on delayed GST payments: tiered grace periods and staged rates introduced for different turnover and return categories. Amendment modifies the first proviso by substituting liable to pay tax but fail to do so, replaces the Table heading 'Tax period' with Month/Quarter, and substitutes serial entries 4-7 to prescribe tiered interest rates for delayed State GST payment tied to aggregate turnover and return-filing categories, with initial grace periods and higher rates thereafter; the notification is effective from 18 May 2021.
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Provisions expressly mentioned in the judgment/order text.
Interest on delayed GST payments: tiered grace periods and staged rates introduced for different turnover and return categories.
Amendment modifies the first proviso by substituting liable to pay tax but fail to do so, replaces the Table heading "Tax period" with Month/Quarter, and substitutes serial entries 4-7 to prescribe tiered interest rates for delayed State GST payment tied to aggregate turnover and return-filing categories, with initial grace periods and higher rates thereafter; the notification is effective from 18 May 2021.
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