GST ON INTEREST ON DELAYED PAYMENT
Query (Issue) Started By: – ROHIT GOEL Dated:- 5-2-2018 Last Reply Date:- 5-2-2018 Goods and Services Tax – GST
Got 3 Replies
GST
We have purchased Cigarettes for which payment has been made beyond due date of payment and therefore interest on delayed payment has been charged by company. Company has issued debit note where HSN code of cigarette is mentioned and description mentioned as Interest on delayed payment….
\nWhether it is correct treatment by company and how to treat it in our GST return??
\nReply By KASTURI SETHI:
\nThe Reply:
\nYes. The Company is correct in this aspect. As per Section 15 of CGST Act, 2017 interest on delayed payment is part of taxable value\/transaction value(on which <\/p>\n
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