GST Clarification for billing

Dear ALL
We are invoicing our clients and due to certain issue related to payment delays, we are now charging late payment charges as per the policy.
Need to know if there is an SAC code for it like the telecom and credit card issuing bank where they charge the customer for late payments and GST filing for the delayed payment received after the bill is generated.

note:service is IT related service , and this is late payment is included with the normal service charges.
A early reply from anyone in the field is highly appreciated
Thanks.

Replies (1)
  • SAC Code & Rate: Use the same SAC code and GST rate as your primary IT services; no independent service code is required because the charges are an extension of the original invoice value.

  • GST Filing: Tax liability triggers strictly on a cash/receipt basis. Report and pay the GST only in the tax return period during which the client clears the late fees.

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