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Payment Recd. Late from Buyer
I recd payment late from buyer, so I am getting interest for late payment. will GST be applicable for so interest and if yes what is the HSN Code and Tax Rate.
Replies (3)
Any interest penalty etc charged from recipientprint in the course of business agreement amounts to gst...
As per gst, value of taxable supply incluses interest on late payment also. So you have to pay gst on it also at rate chargeable in original invoice.
Consider the interest as payment for the supply made. HSN code and rate are same as for the product supplied.
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