Interest received on delayed payment

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54 Points Posted on 04 September 2023
Assesse recd internet and credited to Profit and loss Account GST officer asking to pay GST on such income from 17-18 to 21-22 FY
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On 04 September 2023 at 12:50 Report
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This discussion clarifies that GST is indeed payable on interest received for delayed payments. According to Section 15 of the GST Act, such interest is considered part of the transaction value. Therefore, GST officers are correct in their assessment that GST should be charged on this income.

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M Com FCS LLB M-AIMA
14046 Points Posted on 04 September 2023

Yes GST is payable as per section 15 it is treated as part of transaction value. So if any interest is charged on delayed payment from debtors it is chargeable to GST.

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On 04 September 2023 at 14:42
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"Do the Right Thing...!!!"
128157 Points Posted on 04 September 2023
Yes I agreed with Mr CS Advocate Abhishek Goyal,

GST officer is correct.
GST is applicable for Interest on delayed payment...
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On 04 September 2023 at 15:55

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