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GST Applicability regarding
if bank is co-operative sector and our financing in vehicles,when a customer fails in our instalment repayment and bank charged penalty so penalty charges applicable in gst
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GST applicable on Bank Charges ( Penalty )
In case of Bank's/NBFC's, GST is leviable on interest or penalty charged for delayed payment.
Bank pays GST on it's income. Incidentally it's the penalty you paid for cheque return.
when Banks charges any penalty or services charges (for ex here RS 100,) they add up GST i.e. Rs 18 (18% of 100) on that amount, so penalty comes to Rs 118 total.
when Banks charges any penalty or services charges (for ex here RS 100,) they add up GST i.e. Rs 18 (18% of 100) on that amount, so penalty comes to Rs 118 total.
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