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Gst on penal interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 May 2018 Dear Sir,

One of the cooperative bank registered under GST charges
1) Penal Interest for late payment.
2) Prepayment charges for early payment

Whether 18 % GST is applicable on both of the above. ??
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 May 2018 No GST payable on interest so GST not applicable on penal interest.
GST applicable on prepayment charges.
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