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TMI BlogGST on interest for late payment of Invoice valueX X X X Extracts X X X X X X X X Extracts X X X X ..... GST on interest for late payment of Invoice value X X X X Extracts X X X X X X X X Extracts X X X X ..... re registered under GST and are supplying taxable goods as well as exempt goods to our customers. In case of non payment of Invoice value in time, we charge interest to the customers. What shall be th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e GST implication in case of (i) Taxable goods & (ii) Exempt Goods. If GST is applicable, what shall be the rate of GST for interest amount collected? Will it be 18% of the rate or the rate of GST as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable to goods? Reply By Shilpi Jain: The Reply: Gst on interest will be the same rate as applicable to the goods in respect of which interest is collected since it is an addition to the value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of supply u/s 15. Reply By ABHISHEK TRIPATHI: The Reply: Dear Dinesh Ji, Let's make it interesting. So, if 15(2)(c) requires such interest to be added in the valuation then in such case are you su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pposed to raise debit note and get the credit. Food for thought. Reply By Dinesh Shah: The Reply: Dear Shilpi, So are we saying that in case of exempt goods where GST is NIL, interest for late payme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt would also attract NIL rate of GST. Reply By Shilpi Jain: The Reply: Yes. This is because the interest is added as per section 15 and thereby is part of value of supply. So not gst on interest co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llected in respect of exempt supply. X X X X Extracts X X X X X X X X Extracts X X X X
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