Penalty and interest

Amrutha KM (30 Points)

08 January 2020

is income by way of PENALTY and interest taxable under GST?

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2 Replies

CA Ankith Jain (Chartered Accountant) (973 Points)
Replied 09 January 2020

If that Penalty or interest is on delayed payment for suppy of goods or services, then GST is applicable, as required by Sec 15(2).

sumathishankar (accountant) (25 Points)
Replied 09 January 2020

Govt works contractors (Road & Canal work in corporation of chennai )

we are fund recd on 11.4.2019 (as per bill road work in progress) from corporation of chennai

but missing Generated in GT invoice that particular (Apr'2019)month , i make GST invoice in 30.11.2019 filed GSTR-1 & GSTR-3B the same month

my question is any interest payable or not (fund Date 11.4.2019 but Invoice Dt 30.11.2019)

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