is penal charges collected by the bank on pre mature withdrawal of pigmy deposit taxable under gst?
If so at what rate?
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Gst on penal charges
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An offender not paying tax or making short payments must pay a penalty of 10% of the tax amount due subject to a minimum of Rs. 10,000. Consider — in case tax has not been paid or a short payment is made, a minimum penalty of Rs 10,000 has to be paid. The maximum penalty is 10% of the tax unpaid.
The bank is currently not charging any gst on the charges collected by bank on premature withdrawal of pigmy money.
Are they required to collect gst on the on the said charges
Are they required to collect gst on the on the said charges
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