WHAT IS THE RATE OF GST ON INTEREST RECIEVED FROM DEBTORS FOR DELAYED PAYMENT. PLEASE PROVIDE AS PER SECTION OR RULE
Reply- As per Section 15(2)(d) Value of supply shall include Interest or late fee or penalty for delayed payment of any consideration for any supply.Therefore,Interest received from debtors is taxable at the same rate as applicable on supply made to such debtor.
Posted Date: Jan 20, 2021