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Wednesday, May 24, 2017

GST on interest, late fee or penalty for delayed payment

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As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value.

May 24, 2017 at 07:12AM

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from editor2

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