Interest on late payment
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 September 2017
Is there any specific provision for interest income under the Goods and Services Tax (GST) Act? I want to know if I charge an interest for payment delay, do I need to pay GST on it? Also, sometimes we debit buyers’ accounts directly as fee for delay. Will there be GST on such fees? and How to File in GST?
22 September 2017
no.... GST not applicable on interest...
Also your above said interest is not under anywhere...
It's only business deal..
Chhatra Singh Dugar
(Expert)
23 September 2017
No GST is applicable in your case under Schedule III (6) of CGST Act
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