dear sir
we have received some amount as a interest from our suppliers
we have contract with supppiers that if we fail to payment with in time limit then I will pay to interest. and if I pay within due date then you have to pay.
now we have pay to him the amounts within time period. then he given to us interest amount.
now please clear whether GST applicable or not
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Interest received from suppliers
Replies (5)
Yes applicable
Gst on interest applicable
Yes... GST applicable for the said Interest.
Okay sir.thanks for advice
You are most welcome...
As its being contract cover under section 7 of CGST Act , hence its an supply & GST attracts
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