interest recived by sales party in late
paymend form goods gst applicable / not applicable
Interest received
banwari mundhra (53 Points)
01 October 2017
16 Replies
banwari mundhra
(53 Points)
Replied 01 October 2017
my ca applicable and sume ca not applicable i am canfus notification / surcular link send plz
CA Suresh Jain
(Practice)
(135 Points)
Replied 02 October 2017
GST is applicable on interest received for late payment from debtors.
Rahul Srivastava
(Practice)
(101 Points)
Replied 02 October 2017
As per Section 15 (2) (d) of CGST Act, 2017 " the value of supply shall include interest or late fee or penalty for delayed payment of any consideration for any supply." Therefore any interest collected on late payment received towards sales is liable to GST.
RAMESH KUMAR SINGLA
(PROFESSIONAL)
(1777 Points)
Replied 02 October 2017
Pl refer to section 15(2)(b) of CGST Act. You will get your answer.
Rahul Srivastava
(Practice)
(101 Points)
Replied 02 October 2017
GST rate applicable on interest received is product GST Rate.
rk chinna
(i want suggistions )
(22 Points)
Replied 02 October 2017
Dear Sir/Madam,
We are applying new registration under GST, I got a massage to my number yours GST registration successfully completed user id and password sent to your registered mail but till we are not receiving user id and password to my mail. Please give me your valuable information as earliest possible.
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