I received 2070 rs. as interest for late payment from a party against payment received for sale of goods.
is there any gst tax arises
Liable to GST
Sec. 15(2)(d) of the CGST Act, The value of supply shall include interest or late fee or penalty for delayed payment of any consideration for any supply.
But on receipt-basis
Sec. 12(6) of the CGST Act, 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.
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