Interest on delayed GST payment revised to tiered rates for specified months and turnover categories, effective retrospectively. The notification amends the first proviso by replacing the return-focused phrase with liable to pay tax but fail to do so, and changes the Table heading from 'Tax period' to 'Month/Quarter.' It substitutes entries to prescribe tiered interest rates for delayed State GST payments for March, April and May 2021 and the quarter ending March 2021, differentiated by aggregate turnover bands, and declares the amendment effective from 18th May 2021.
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Provisions expressly mentioned in the judgment/order text.
Interest on delayed GST payment revised to tiered rates for specified months and turnover categories, effective retrospectively.
The notification amends the first proviso by replacing the return-focused phrase with liable to pay tax but fail to do so, and changes the Table heading from "Tax period" to "Month/Quarter." It substitutes entries to prescribe tiered interest rates for delayed State GST payments for March, April and May 2021 and the quarter ending March 2021, differentiated by aggregate turnover bands, and declares the amendment effective from 18th May 2021.
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