waiver of interest on delayed payment
is gst applicable if as per contract interest was payable on delayed consideration but later on interest was waived?
Replies (3)
GST on interest received from debtors of a business will be applicable. In other words, interest charged and collected by a supplier on a supply has to be included in the transaction value and GST is liable to be paid on the same.
If a supplier decides to waive off the interest which is due from a customer on delayed payment, GST will not be applicable on the interest.
If a supplier decides to waive off the interest which is due from a customer on delayed payment, GST will not be applicable on the interest.
as per which section, gst n/a on waiver?
Sir, can you plz also quote the section
Recent Topics :
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
Related Topics :
CAclubindia
