Gst on penalty received-

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Sr. Account Officer(DSM Sugar-Rajpura)
47 Points Joined August 2009

Hi Experts,

We are paying commission against sale of products to Sale Agent with certain payment recovery terms of payment. If we are not receiving payment on time, we are charging late payment penalty to Sale Agent. Whether charging penalty will liable to GST.

 

Please brief.

 

Thanks.

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On 20 December 2017 at 15:10 Report
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734 Points Joined May 2015
yes gst is payable on penalty also . penalty is taxable on received basis and Issue invoices on received day.
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On 21 December 2017 at 10:21


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