GST payable on penalty

235 views
User Avatar

Student CA final new
106 Points Posted on 30 June 2021
Supplier collect amount form buyer with late payment interest, in this transaction for interest who is liable to pay GST? supplier should collect from buyer and remit to Govt or seller is liable to discharge?
1 Reply Share Follow
On 30 June 2021 at 21:33 Report
Replies (4)
Quick Summary
This discussion clarifies who is liable to pay GST on late payment interest charged by a supplier. The consensus is that the supplier is responsible for collecting the GST on the interest from the buyer and then remitting it to the government. The buyer is ultimately liable for the GST on this interest, and the supplier should issue an invoice for the interest, including GST, to collect it.

User Avatar

45 Points Posted on 30 June 2021
Supplier should collect from the buyer and remit the same to the government.
3 Reply
On 30 June 2021 at 21:59
User Avatar

CMA
13117 Points Posted on 30 June 2021
Buyer would be liable to pay tax on interest. Supplier can raise the invoice for interest along with GST so that the same can be collected from the buyer.
2 Reply
On 30 June 2021 at 22:20
User Avatar

GST Consultant
15986 Points Posted on 30 June 2021
The liability is always on supplier (except rcm cases). But you must collect it from buyer and discharge your liability
2 Reply
On 30 June 2021 at 22:38
User Avatar

915 Points Posted on 01 July 2021
An evidence may keep for the liability of buyer.But,buyer may liable to remit gst with interest and penalty ,what amount added on the same goods by him.Cgst Act section62,73,74
1 Reply
On 01 July 2021 at 09:04

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Foreign remittance
  2. Affordable Residential Flats in Gurgaon
  3. Manufacturing
  4. TAN REGISTRATION ON E-FILLING SITE
  5. Form 10-IEA – Continuing Old Regime
  6. Income tax act 2026
  7. Belated Return where Form 10IEA filed this year to
  8. GST Reconciliation Tool (2A vs Books) - looking fo
  9. TDS ON PF FORM 19 WITHDRAWAL
  10. Can a virtual office in Mumbai be used for company

More recent discussions | Post

Related Topics :

Loading