GST leviable on interest paid on late payment of invoices
Last updated: 28 June 2021
Court :
AAR Gujarat
Brief :
The AAR Gujarat in the matter of M/S. Enpay Transformer Components India Private Limited [Advance Ruling No. GUJ/GAAR/R/01/2021, dated January 20, 2021] has held that Indian company is liable to pay GST on reverse charge basis for amount paid as interest to its holding foreign company on late payment of invoices of imported goods, as the same is to be included value of supply as per Section 15(2)(d) of the Central Goods and Services Act, 2017 ('CGST Act').
Citation :
Advance Ruling No. GUJ/GAAR/R/01/2021, dated January 20, 2021
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Bimal Jain
Published in GST
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