Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee
Law Related Issues
32. Inclusion of Interest, penalty etc. in Value of Supply
Section 15(2)(d) of CGST Act provides that the value of supply shall include interest or late
fee or penalty for delayed payment of any consideration for any supply.
Issue
In most of the cases the amount of interest or penalty is not known at the time of supply. To
be required to be included in the valuation at the time of supply is a cumbersome task.
Suggestions
• It is suggested that clause d of section 15(2) be omitted.
• Alternatively, if it needs to be essentially included, it might be considered to shift this
clause to section 31 as one of the circumstances requiring the issuance of debit note
Read Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee
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