when MSME receives interest from buyer for delayed payment by him, is GST applicable on such interest portion received by MSME. any notification Rules addressing this issue
4 Replies
CA Altamush Zafar
(GST Consultant)
(15986 Points)
Replied 06 October 2021
Yes GST applicable........
Pradyumna U K
(Article assistant)
(35 Points)
Replied 06 October 2021
is there any particular notification or rule mentioning this
CA Altamush Zafar
(GST Consultant)
(15986 Points)
Replied 06 October 2021
There is no notification but the very definition of service and supply along with definition of business covers it under charging section.
akshay parakh
(Chartered Accountant)
(394 Points)
Replied 11 October 2021
Payment for delayed consideration is taxable.
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