https://www.taxtmi.com/circulars?id=62348 The circular clarifies that penal interest levied on delayed EMI payments is taxable when it forms part of the value of a supply of goods, but where penal interest is charged by a lender as genuine consideration for extending a loan it qualifies as interest and is exempt; service fees or other charges by the lender do not qualify as exempt interest and remain taxable. en-us Fri, 02 Aug 2019 00:00:00 +0530 Wed, 11 Sep 2019 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=62348 The circular clarifies that penal interest levied on delayed EMI payments is taxable when it forms part of the value of a supply of goods, but where penal interest is charged by a lender as genuine consideration for extending a loan it qualifies as interest and is exempt; service fees or other charges by the lender do not qualify as exempt interest and remain taxable. Circulars GST - States Fri, 02 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/circulars?id=62348