New Interest Rates for Delayed GST Returns
Government amends GST notification to specify interest rates for delayed returns.
Interest rates vary based on the turnover of registered persons.
Nil interest for the first 15 days, then 9% thereafter for taxpayers with turnover above Rs. 5 crores.
Nil interest for specified periods for taxpayers with turnover between Rs. 1.5 crores to Rs. 5 crores.
Similar waiver for taxpayers with turnover up to Rs. 1.5 crores.
Conditional on filing FORM GSTR-3B by specified dates.
Aimed at providing clarity and relief amidst COVID-19 disruptions.
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