Interest for delayed GST payment revised to tiered timelines and rates for taxpayers based on turnover, effective retrospectively. Amendment substitutes the triggering phrase to 'liable to pay tax but fail to do so', changes the Table heading from 'Tax period' to 'Month/Quarter', and replaces serials 4-7 with a tiered interest schedule allocating initial nil or reduced interest windows followed by higher rates for successive delayed periods applicable to specified months and the quarter ending March, 2021; the amendment is effective from 18th May, 2021.
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Provisions expressly mentioned in the judgment/order text.
Interest for delayed GST payment revised to tiered timelines and rates for taxpayers based on turnover, effective retrospectively.
Amendment substitutes the triggering phrase to "liable to pay tax but fail to do so", changes the Table heading from "Tax period" to "Month/Quarter", and replaces serials 4-7 with a tiered interest schedule allocating initial nil or reduced interest windows followed by higher rates for successive delayed periods applicable to specified months and the quarter ending March, 2021; the amendment is effective from 18th May, 2021.
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