GST ON INTEREST ON DELAYED PAYMENT

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... We have purchased Cigarettes for which payment has been made beyond due date of payment and therefore interest on delayed payment has been charged by company. Company has issued debit note where HSN code of cigarette is mentioned and description mentioned as Interest on delayed payment.... Whether it is correct treatment by company and how to treat it in our GST return?? - Reply By KASTURI SETHI .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... - The Reply = Yes. The Company is correct in this aspect. As per Section 15 of CGST Act, 2017 interest on delayed payment is part of taxable value/transaction value(on which GST is to be computed and paid). In GST return declare the taxable value including interest on delayed payment. Just for your information normal interest which we earn on our bank account is not to be treated part o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f taxable value. - Reply By Alkesh Jani - The Reply = Sir, I agree with the views of Sh. Kasturiji, the issued is very clear and Section 15(d) of CGST Act,2017 clearly states that interest or late fee or penalty for delayed payment of any consideration for any supply is required to be included for valuation purpose. - Reply By Ganeshan Kalyani - The Reply = Section 15 (2)(d) of CGST A .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ct provides that transactional value shall include interest or late fee or penalty for delayed payment of any consideration for any supply; and.... - GST ON INTEREST ON DELAYED PAYMENT - Query Started By: - ROHIT GOEL Dated:- 5-2-2018 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - tax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... managementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X