The RBI had last revised its policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting the interest rate to a historic low. This was the seventh straight meeting when it maintained the status quo.
The notification also states that from January 1, 2022, businesses who have defaulted in filing summary return and paying monthly GST will not be able to file GSTR-1 sales return of the succeeding month.
