CBIC’s clarification regarding applicability of GST on additional/penal interest

CBIC issues clarification regarding applicability of GST on delayed payment charges in case of late payment of Equated Monthly Instalment (‘EMI’); The amount of penal interest shall be included in the value of supply where the contract between buyer and seller provides that penal interest would be charged for delay; Further, GST shall be charged irrespective of the manner of invoicing; Further clarifies that transaction of levy of additional/penal interest does not fall w...