Section 17, The Finance Act, 2022

Section 58 of the Goods and Services Tax Act 2009 isamended by repealing and replacing that section with the following new section. 58 A person who fails to pay GST on or before the date due for payment is liable to a penalty equal to onetwelfth of the 364 day treasury bill rate for each month in which the GST remains outstanding until the payment is made"