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TMI BlogINTEREST ON LATE PAYMENT RECEIVED OF SALEX X X X Extracts X X X X X X X X Extracts X X X X ..... HI.. SIR/S.. NEED TO ISSUE DEBIT NOTE TOWARDS INTEREST ON LATE PAYMENT RECEIVED TOWARDS SALES. IS THIS INTEREST LIABLE TO GST..?? THANKING YOU IN ADVANCE.. - Reply By Rajagopalan Ranganathan - The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply = Sir, As per Section 15 (2) (d) of CGST Act, 2017 the value of supply shall include interest or late fee or penalty for delayed payment of any consideration for any supply. Therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e any interest collected on late payment received towards sales is liable to GST. - Reply By NAREN KHATRI - The Reply = Thank you very much sir.. for quick reply. will you let me know GST % for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said interest..? so, i shall make debit note accordingly with interest + gst. - Reply By KASTURI SETHI - The Reply = Yes. GST is applicable on interest under Section 15 of CGST Act. - Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... By Rajagopalan Ranganathan - The Reply = Sir, The rate of gst will be the rate applicable to the goods/services supplied by you. - Reply By Himansu Sekhar - The Reply = The interest will be a part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the value. The same rate as that of the goods - INTEREST ON LATE PAYMENT RECEIVED OF SALE - Query Started By: - NAREN KHATRI Dated:- 3-9-2017 Goods and Services Tax - GST - Got 5 Replies - GST - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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