gst on interest payment

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Anita Pangotra

Anita Pangotra (Querist)
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17 September 2017 hlo all, kindly answer whether gst is payable on interest paid for late payments...

Chhatra Singh Dugar

Chhatra Singh Dugar (Expert)
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17 September 2017 GST is not applicable on any interest payment.

RAJA P M

RAJA P M (Expert)
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17 September 2017 @Anita., Your query is not cleared.... Explain one more...

Anita Pangotra

Anita Pangotra (Querist)
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17 September 2017 we used to pay interest on late payment of paddy purchase. or rice purchase now in this situation

Arun Kumar Singh

Arun Kumar Singh (Expert)
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17 September 2017 If you will pay the GST after due date then you need to pay duty along with interest.

RAJA P M

RAJA P M (Expert)
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17 September 2017 No need. GST not applicable on Interest.

Anita Pangotra

Anita Pangotra (Querist)
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17 September 2017 Ok thanks experts...

RAJA P M

RAJA P M (Expert)
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17 September 2017 You are most welcome...

Anita Pangotra

Anita Pangotra (Querist)
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17 September 2017 thank u experts for this, but pls provide also the section or rules which supports this statement

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)
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18 September 2017 As per Section 50 of CGST Act interest is liable to be paid for delayed payment of tax.

RAJA P M

RAJA P M (Expert)
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18 September 2017 Yes. I agreed to You Mr. Vishakha kejriwal.... Firstly I think the same way for above said Query. So, I ask it clear..... Any way thank you for the attend this one...

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