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TMI Blog2023 (12) TMI 937X X X X Extracts X X X X X X X X Extracts X X X X ..... paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply Further, as per Section 15(2) of CSGT Act, 2017, lists out the compulsory inclusions in the value of supply wherein as per Section 15(2)(d) it has been clarified that - 'interest or late fee or penalty for delayed payment of any consideration for any supply', thus GST provisions have clearly outlined Interest will be a part of value of supply. Sec. 12(6) The time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k City Steel Rolling Mills Pvt Ltd. Applicant is engaged in supply of goods. The Three issues raised by applicant is fit to pronounce advance ruling it falls under the ambit of the Section 97(2) (c) (e) given as under: (c) determination of time and value of supply of goods or services or both; (e) determination of the liability to pay tax on any goods or services or both; A. Submission of The Applicant: (in brief) That the applicant is a partnership firm which is registered assessee under the provisions of Goods Services Tax (GST) regime having GSTIN as 08AABCP4073E1ZL. The applicant petitioner is manufacturer sold good to purchaser but purchaser not paid the invoice amount in time thereafter applicant demanded int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n his comments vide his letter S.No. 1762 Dated- 17 02.2023 which is as under- Q1. At what stage the GST is to be paid on delayed payment of interest that is not still paid by purchaser of goods? Ans:- In this regard it would be noteworthy to pursue section 12(6) of CGST/RGST Act 2017 which clearly mention that The time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value Q2. Whether at the time of demand of interest/debit of interest in the account of purchaser of goods and whether the fresh invoice of interest for delayed payment be issued o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed payment be issued or not in spite of non-receipt of interest? (iii) Whether GST payable on accrual basis. 3) We find that as per Section 15 of CGST Act, 2017, 'The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply Further, as per Section 15(2) of CSGT Act, 2017, lists out the compulsory inclusions in the value of supply wherein as per Section 15(2)(d) it has been clarified that - 'interest or late fee or penalty for delayed payment of any consideration for any supply', thus GS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e date on which the payment is credited to his bank account, whichever is earlier. We observe in respect of question no 1 and 2, which are same in nature Section 12(6) of Act have specific provisions. Sec. 12(6) The time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value. Further applicant may raise debit note for interest on delayed payment under Section 34 of Act. 4) we observe that all three questions are intermingled and to be understood in light of section 12(6) GST is to be paid on the date, receipt of interest on delayed payment of any considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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