Gst liability on interest for delayed payment between nonfincial companies
Sreekanth Iyer (34 Points)
20 July 2021Sreekanth Iyer (34 Points)
20 July 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 22 July 2021
Yes, GST is leviable on such interests.
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 22 July 2021
Check section 15(2)(d) of CGST Act on valuations. Such interest and penalty forms part of value and are taxable.