ITC eligible on GST charged on interest / penalty for late payment of consideration

By | June 5, 2017
(Last Updated On: June 5, 2017)

Q : Is input tax credit eligible on gst charged by the vendor on interest/ penalty for late payment of consideration

Interest/penalty/late fee for delayed payment of consideration is included in Value of supply under Section 15(2)(d). Hence, GST payed on it is  eligible for ITC subject to fulfilment of other conditions to avail ITC.

[ Reply on 05.07.2017 at  1.27 am as per Twitter Account of Govt of India for GST queries of Taxpayers ]

 

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