Andhra Pradesh Government eases the GST Interest rates for March & April 2021

Jul 21, 2021 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The Revenue Department (Andhra Pradesh) on July 20, 2021 has issued a notification to provide relief by lowering GST Interest rates of by making the following further amendments to the notification issued in the G.O.Ms.No.263, Revenue (Commercial Taxes) Department, Dated: June 29, 2017. 

In the first paragraph, in the first proviso, in the Table after S. No. 3, the following have been added, namely: - 

• If the taxpayer having an aggregate turnover of more than rupees 5 crores in the preceding financial year, then the rate of interest will be 9% for the first 15 days from the due date and 18% thereafter.

• Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under sub-section (1) of section 39, then the rate of interest will be Nil for the first 15days from the due date, 9% for the next 15 days, and 18 % thereafter.

• Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under proviso to sub-section (1) of section 39, then the rate of interest will be Nil for the first 15 days from the due date, 9 % for the next 15 days, and 18% thereafter.

• Taxpayers who are liable to furnish the return as specified under sub-section (2) of section 39, then the rate of interest will be Nil for the first 15 days from the due date, 9%for the next 15 days, and 18 % thereafter.

[Notification No. 361]


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