Quick Summary
Vide Notification No. 18/2021 Central Tax, the Central Board of Indirect Taxes and Customshas provided relief to taxpayers by lowering theinterest rate for a specified time for tax periods March 2021 to May 2021, w.e.f 18th May 2021. Read the official notification and details of the lowered interest rate, below: [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub- section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of I
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FAQ :
The CBIC has lowered the interest rate for taxpayers for the tax periods of March 2021 to May 2021.
The reduced interest rate came into effect from 18th May 2021.
Taxpayers with an aggregate turnover of over ₹5 crores have a 9% interest rate for the first 15 days and 18% thereafter. Those with turnover up to ₹5 crores have varying periods of nil interest, 9% interest, and 18% interest depending on the month and the number of days past the due date.
The notification covers the tax periods of March 2021, April 2021, and May 2021.
For March 2021, taxpayers with turnover up to ₹5 crores have nil interest for the first 15 days, 9% for the next 45 days, and 18% thereafter.
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