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TMI BlogINTEREST ON LATE PAYMENT RECEIVED OF SALEX X X X Extracts X X X X X X X X Extracts X X X X ..... INTEREST ON LATE PAYMENT RECEIVED OF SALE X X X X Extracts X X X X X X X X Extracts X X X X ..... NEED TO ISSUE DEBIT NOTE TOWARDS INTEREST ON LATE PAYMENT RECEIVED TOWARDS SALES. IS THIS INTEREST LIABLE TO GST..?? THANKING YOU IN ADVANCE.. Reply By Rajagopalan Ranganathan: The Reply: Sir, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s per Section 15 (2) (d) of CGST Act, 2017 " the value of supply shall include interest or late fee or penalty for delayed payment of any consideration for any supply." Therefore any interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t collected on late payment received towards sales is liable to GST. Reply By NAREN KHATRI: The Reply: Thank you very much sir.. for quick reply. will you let me know GST % for the said interest..? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so, i shall make debit note accordingly with interest + gst. Reply By KASTURI SETHI: The Reply: Yes. GST is applicable on interest under Section 15 of CGST Act. Reply By Rajagopalan Ranganathan: T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Reply: Sir, The rate of gst will be the rate applicable to the goods/services supplied by you. Reply By Himansu Sekhar: The Reply: The interest will be a part of the value. The same rate as tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the goods X X X X Extracts X X X X X X X X Extracts X X X X
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