WebInterest received from an overseas entity (e.g. an overseas bank or overseas company) is payment for a supply of financial service that qualifies as an international service under Section 21 (3) of the GST Act. It is a zero-rated supply (i.e. GST at … WebJul 18, 2024 · 4. Circular no 102/21/2024-GST dated 28th June 2024. Given the numerous queries, the department finally released clarification on the matter. Penal interest …
GST Late Fees: Late Fees and Interest on GST Returns
WebMay 5, 2024 · The members of Gujarat Authority for Advance Ruling, Goods and Services Tax ruled that the applicant is liable to pay GST on reverse charge mechanism (RCM) for amount paid as interest on late payment of invoices of imported goods at the same rate of IGST leviable on the imported goods vide Advance Ruling No. GUJ/GAAR/R/01/2024 … WebMar 16, 2024 · The AAR while ruling in respect of the activities incidental to main business activities said that 18% GST is applicable on Interest on receivable on delayed payments being charges received for ‘Agreeing to tolerate an act’; Cheque Bouncing Charges being charges received for ‘Agreeing to tolerate an act’ and Connection/ Reconnection/ … prostate external radiation side effects
Interest Paid for Late Payment Under Import: RCM Applicable?
WebMar 14, 2024 · But it’s more common to charge late fees implemented as a monthly percentage of the amount of the past due invoice. The monthly rate you choose to charge on overdue payments is entirely up to you, but a common starting point of a monthly finance charge is between 1% and 2%. Web8 hours ago · The Delhi High Court has held that the GST department cannot reject a refund without any corroborative evidence and is directed to pay the refund claim along with interest. G S Industries, the petitioner has filed the present petition to issue directions to the respondent to refund the tax amounting to ₹23,10,333/- claimed by the petitioner ... WebWhether Carrying of Physical copy of #invoice is mandatory under #GST? Calcutta High Court in the matter of J. K. Jain Buildtech India Pvt. Ltd. Vs Assistant… reservation atc