https://www.taxtmi.com/caselaws?id=255483 Interest stipulated in sale invoices for delayed payment was treated as part of the sale consideration, because there was no separate agreement creating an independent post-sale charge. The Madras High Court noted that, under Section 2(r) of the Tamil Nadu General Sales Tax Act, 1959, taxable turnover includes the aggregate amount for which goods are sold, including consideration received for deferred payment. On those facts, the interest collected for belated payment was linked to the same contract of sale and was therefore includible in taxable turnover and liable to sales tax. en-us Wed, 03 Dec 2014 00:00:00 +0530 Mon, 16 Jan 2017 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255483 Interest stipulated in sale invoices for delayed payment was treated as part of the sale consideration, because there was no separate agreement creating an independent post-sale charge. The Madras High Court noted that, under Section 2(r) of the Tamil Nadu General Sales Tax Act, 1959, taxable turnover includes the aggregate amount for which goods are sold, including consideration received for deferred payment. On those facts, the interest collected for belated payment was linked to the same contract of sale and was therefore includible in taxable turnover and liable to sales tax. Case-Laws VAT and Sales Tax Wed, 03 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255483