Levy of GST - Penal Interest for delayed payment of EMI - The ...

GST

August 1, 2019

Levy of GST - Penal Interest for delayed payment of EMI - The penalty recovered by the appellant does not get covered by the term ‘penal interest’ as used by the appellant in his grounds of appeal, as per se it is not interest but it is penalty / penal charges. - it is adequately covered under clause 5 (e) of the Schedule II of the CGST Act, and will attract GST.

View Source

← Previous Next →

Levy of GST - Penal Interest for delayed payment of EMI - The ...

GST

August 1, 2019

You may also like:

Levy of GST - collected penal interest for default in repayment of EMI - The activity of collecting penal interest by the Applicant would amount to a taxable supply...

Clarification regarding applicability of GST on additional / penal interest - Corrigendum issued - No GST on Penal Interest where goods purchased on installments (EMI)...

Deduction u/s 37(1) - Whether, payment of interest on delayed payment of instalments is penal in nature - Held No - It was simplicitor liability of interest on delayed...

Interest paid on late payment of TDS - allowable deduction u/s 37(1) or not? - Interest on delayed payment of TDS cannot be allowed as deduction. - The interest...

Benefit of reduced penalty of 15% u/s 28(5) - Delay in payment of penalty due to Public Holiday - The appellant voluntarily paid the differential BCD and interest upon...

Demand of Interest on account of delay in payment of the penalty - The interest on such penalty being a statutory levy is required to be paid - the petitioner is...

Levy of penal interest - delayed pament of tax - the appellant disputes the allegation of the Department that they are a defaulter, i.e. there has been a turnover...

Levy of GST - classification of "Interest" portion of equated installments under Annuities Model - the value of supply shall include interest or late fee or penalty for...

Disallowance interest on delayed payment of service tax - It is well settled principle that interest on late payment of Service Tax is not penal in nature. Since, it is...

Interest on delayed payment of GST - CBIC has clarified that the Notification No. 63/2020-Central Tax dated 25th August 2020 relating to interest on delayed payment of...

Levy of GST - GST on interest - interest amount receivable on the balance land cost - In the instant case the applicant, APIIC had given a facility to the beneficiaries,...

Initiation of CIRP - Financial Creditors - Financial Debt - There is a difference between the levy of liquidated damages or penal interest for default and the financial...

Levy of IGST - credit card services - interest component of the Equated Monthly Instalments (EMI) of the loan granted by the respondent Bank on credit card - he services...

Levy of GST - the component of interest and delayed payment charges are obviously having a direct relation with the value of supply to which such interest/delayed...

Penalty levied u/s 272A(2)(k) – delayed filing of e-TDS returns- AT

Quick Updates: