https://www.taxtmi.com/circulars?id=61718 Where penal interest is charged by the seller as part of a deferred payment for goods, that penal interest is included in the value of supply and is taxable; where penal interest is charged by an independent lender in respect of a loan, such interest falls within the exemption for services by way of extending loans insofar as the consideration is represented by interest, and is not subject to GST. Non interest service fees or other charges connected to loan extension are not exempt. en-us Fri, 28 Jun 2019 00:00:00 +0530 Fri, 12 Jul 2019 11:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=61718 Where penal interest is charged by the seller as part of a deferred payment for goods, that penal interest is included in the value of supply and is taxable; where penal interest is charged by an independent lender in respect of a loan, such interest falls within the exemption for services by way of extending loans insofar as the consideration is represented by interest, and is not subject to GST. Non interest service fees or other charges connected to loan extension are not exempt. Circulars GST - States Fri, 28 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/circulars?id=61718