Interest received upon late receipt against an invoice. Is liable to tax under Gst @ 18%.
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MSME INTEREST.
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In cases where the supplier along with the supply goods and services has allowed a credit facility to the customer in such cases interest for extending loan as well as penal interest charged from the customer upon delay in payment of consideration for supply of goods and services shall be included in the value of supply of goods and services and shall be liable to GST.
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