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2022 (3) TMI 1364 - AUTHORITY FOR ADVANCE RULING, TELANGANALevy of GST - classification of "Interest" portion of equated installments under Annuities Model - payment of interest is a Pure Service or not - applicable rate of GST - HELD THAT:- The clause (d) of sub section 2 of Section 15 clearly states that the value of supply shall include interest or late fee or penalty for delayed payment of any consideration for any supply. Therefore all the monies paid to the contractor by the applicant including the interest on delayed payments is liable to tax under CGST Act, 2017 under this provision. Interest is part of consideration as per the valuation rules discussed above. Therefore no separate classification exists - there is no requirement of discussing the issue applicability of Entry No. 3 of the Notification Number 12/2017 - Central Tax (Rate), dt: 28th June, 2017.
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