My assessee has sold goods for Rs. 10,000 vide invoice no. 25 dated 1.8.17 and charged GST in the invoice. As per terms, payment is to be made within 60 days but the payment was received on 31.12.17 i.e. after the stipulated time. Thus he has issued a debit note to the customer for amount of interest @ 12% for delayed payment in January 2018 for Rs. 300/-. But the payment of such interest was received by him in April 2018.
question is :
in which month return he have to show debit note january or April ???
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GST ON INTEREST
Replies (6)
He will show the Debit note details In January 2018.
In January
is GST applicable on Interest???
Yes....Interest for delayed payment of consideration is liable for GST
No on interest. But interest on delayed payment is included in value of supply.
As per above query Interest not applicable as per GST rule. Payment terms under GST 180 days. As per your Bill date Payment received less than 180 days. So, Interest not applicable...
Note :
If payments received after 180 days Interest levied theate payment and also applicable GST in the Interest.
Note :
If payments received after 180 days Interest levied theate payment and also applicable GST in the Interest.
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