Question ID :
29599
Interest
Query
What is the rate of GST on interest collected from a customer for late payment of supply bills.
Posted by
Ethirajan
on
Apr 25, 2018
Filed Under
GST
Rate applicable to goods or service for which interest is collected.
Posted by
VINAY BHARGAV KUMAR G on
Apr 26, 2018
Answer ID :
65569
yes, will depend upon the goods services on which such interest is levied. for example, if interest is paid for the delay payment of the goods on which GST is allpicable is 18, in such case, rate of GST is applicable on interest of delay payment is 18.
Posted by
CA. SATISH CHAND GARG on
Apr 26, 2018
Answer ID :
68704
Such interest will be forming part of value of original supply. That means tax rate would be same as that on original supply for which payment is received late.
Posted by
Jatin Harjai on
May 28, 2018
Answer ID :
68756
Same rate as applicable to the original supply.
Posted by
CA MNS Karthik Reddy on
Jun 08, 2018