Central Government Fixes Interest Rates under GST Act
Central Government exercises powers conferred by GST Act sections. Rates of interest per annum fixed for specified sections.
Rates vary from 18% to 24% based on section and sub-section. Interest rates crucial for tax compliance and penalty calculation.
Notification effective from July 1, 2017, enhancing regulatory clarity. Fixation aligns with recommendations from the GST Council.
Move aims to streamline interest-related provisions for taxpayers' benefit.
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