IS INTEREST WILL BE LEVIED U/S 50 FOR DEFAULT IN MAKING PAYMENT TO SUPPLIER WITHIN 180 DAYS, Goods and Services Tax - GST

[PRAVEEN SONI]

IS INTEREST WILL BE LEVIED U/S 50 FOR DEFAULT IN MAKING PAYMENT TO SUPPLIER WITHIN 180 DAYS?

Posts / Replies

[Rajagopalan Ranganathan]

Sir,

If there is delay in payment made to supplier after the period mentioned in the contract, then interest is payable by the receiver of goods or services or both to the supplier along with the amount mentioned in the invoice.  Section 50 of CGST Act deals with interest payable when there is a delay in payment of gst to Government.