Late GST payment interest: phased reduced rates for small taxpayers followed by higher standard rate after initial period. The amendment substitutes the first proviso's wording to refer to persons liable to pay tax but failing to do so, changes the table heading from 'Tax period' to 'Month/Quarter', and inserts new table entries that prescribe phased interest treatment by turnover bands and return-filing categories under section 39, providing initial reduced or nil interest for early days after the due date and higher interest thereafter, applicable to specified months and a quarter in 2021; the notification is deemed effective from April 18, 2021.
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Provisions expressly mentioned in the judgment/order text.
Late GST payment interest: phased reduced rates for small taxpayers followed by higher standard rate after initial period.
The amendment substitutes the first proviso's wording to refer to persons liable to pay tax but failing to do so, changes the table heading from "Tax period" to "Month/Quarter", and inserts new table entries that prescribe phased interest treatment by turnover bands and return-filing categories under section 39, providing initial reduced or nil interest for early days after the due date and higher interest thereafter, applicable to specified months and a quarter in 2021; the notification is deemed effective from April 18, 2021.
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