NAND GOPAL (Internal Auditor) (41 Points)
03 November 2017Dear Experts,
We have a issue for charging "Interest" on late payment/overdue on bill.
Kindly suggest whether we have to issue tax invoice or debit note against that bill for charging overdue interest in GST. And SAC for charging Interest on that bill(s).
Regards
RAJA P M
("Do the Right Thing...!!!")
(127511 Points)
Replied 03 November 2017
Dear Mr. NAND GOPAL Sir.,
GST not applicable for above said Interest. It's business dealing no more supplies...
Also GST not applicable for Outstanding Payments / Receipts...!!!
banwari mundhra
(53 Points)
Replied 05 November 2017
Avinash Pandey
(Jr. Accountant)
(22 Points)
Replied 20 April 2018
RAJA P M sir,
But sir in CGST act section 15 (1) d there are clearly shown that
interest or late fee or penalty for delayed payment of any consideration for any supply
So I think debit note of overdue interest should be made with GST Tax.
CAclubindia
