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Interest on late payment

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Querist : Anonymous

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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?
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RAJA P M

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RAJA P M (Expert)
22 September 2017 no.... GST not applicable on interest... Also your above said interest is not under anywhere... It's only business deal..
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Chhatra Singh Dugar

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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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