dear sir
plz reply
Selling lending merchandise to customer, late payment came, late interest taken, would I have to give GST
ग्राहक को उधार माल विक्रय किया, देर से भुगतान आया,देरी का ब्याज लिया क्या मुझे जी एस टी देना होगा
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interest recived
Replies (3)
भुगतान में देरी के ब्याज पर आपको GST देना होगा।
Any form of special charges imposed is liable to GST on receipt basis but only if it is due to delay in payment of consideration.
Sec. 15(2)(d) of the CGST Act, 2017, “the value of supply shall include interest or late fee or penalty for delayed payment of any consideration for any supply.”
Sec. 12(6) of the CGST Act, 2017, “The time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value.”
but sir interest recived is income show in auodit
and pay income tax
and pay income tax
The liability to gst is independent to income tax. It does not matter that you will pay income tax thereon. GST is applicable on such late payment intetest
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