Delayed EMI Penalty Classified as Penal Charges, Subject to GST Under CGST Act Schedule II, Clause 5(e.

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. .....

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