https://www.taxtmi.com/circulars?id=63245 Where a delayed-payment charge forms part of the consideration for a taxable supply of goods, the penal interest must be included in the value of supply and is taxable; where penal interest is charged by an independent financier for a loan, that interest is covered by the exemption for services extending loans or advances and is not subject to GST. Penal interest qualifies as "interest" under the notification and is not a separate Schedule II service, while separate non-interest fees charged by the financier are taxable. en-us Wed, 27 Nov 2019 00:00:00 +0530 Wed, 27 Nov 2019 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=63245 Where a delayed-payment charge forms part of the consideration for a taxable supply of goods, the penal interest must be included in the value of supply and is taxable; where penal interest is charged by an independent financier for a loan, that interest is covered by the exemption for services extending loans or advances and is not subject to GST. Penal interest qualifies as "interest" under the notification and is not a separate Schedule II service, while separate non-interest fees charged by the financier are taxable. Circulars GST - States Wed, 27 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/circulars?id=63245