GST ON INT

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SENIOR ACCOUNTANT
106 Points Posted on 04 January 2022
Is GST is applicable on interest charge on delay payment of purchase consideration by supplier? It should be included in transaction value or not as per section 15.
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On 04 January 2022 at 07:35 Report
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Quick Summary
This discussion clarifies whether Goods and Services Tax (GST) is applicable on interest charged for delayed payment of purchase consideration by a supplier. It confirms that such interest is indeed included in the transaction value as per Section 15. Consequently, GST will be charged on this interest at the same rate as that applicable to the goods being supplied.

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GST Consultant
15986 Points Posted on 04 January 2022
Yes it will be included in transaction value and gst will be charged on it
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On 04 January 2022 at 08:02
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SENIOR ACCOUNTANT
106 Points Posted on 04 January 2022
If yes at which rate GST will be charged
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On 04 January 2022 at 09:51
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GST Consultant
15986 Points Posted on 04 January 2022

Same as that of goods being supplied.

1 Reply
On 04 January 2022 at 10:03

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