Notification No. 01/2021
Date: May 1, 2021
Subject: Provides COVID-19 related relief by lowering the rate of interest on delayed payment of IGST for specified tax periods.
Description:
This notification amends Notification No. 06/2017–Integrated Tax to reduce the rate of interest payable on delayed payment of tax for returns relating to March 2021 and April 2021. Differential interest rates are prescribed based on turnover and type of return, including nil interest for an initial period for small taxpayers. The relief applies to monthly as well as quarterly filers under section 39 of the CGST Act. The amendment is deemed effective from 18 April 2021.
Issued for earlier notification?
Yes — amends Notification No. 06/2017–Integrated Tax dated 28.06.2017.