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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clarification on GST Applicability for Penal Interest in Delayed EMI Payments; Third-Party Loan Interest Exempt.</h1> The circular addresses the applicability of GST on additional or penal interest for delayed EMI payments. It clarifies that in transactions where a seller directly charges penal interest on delayed payments, such interest is included in the taxable value of the supply and subject to GST. Conversely, when a loan is availed from a third party, and penal interest is charged, it is exempt from GST under specific provisions. The circular also clarifies that additional or penal interest does not fall under certain taxable service categories and emphasizes that only interest, not service fees or other charges, qualifies for exemption.
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