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Gst on late payment interest on soc maintenance charges

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 October 2017 Sir,
I have seen that GST @ 18% is charged on Interest on Arrears of Society Maintenance charges on Office Premises
I just want to Clarify whether GST is applicable on Interest of Arrears of Soc Maint chgs . Please give the notification/Rules if applicable
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Vishakha Kejriwal.

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Vishakha Kejriwal. (Expert)
01 November 2017 Interest is exempt if it is a consideration when payable for extending any loan, advances or deposits and not otherwise. Please refer Not. 12/2017 Central Tax (Rate), Serial No. 27, that exempts interest related to Heading 9971.
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