GST Applies to Interest on Delayed Land Payments: 16% Interest Rate Considered Part of Taxable Supply Value.

GST Applies to Interest on Delayed Land Payments: 16% Interest Rate Considered Part of Taxable Supply Value. https://www.taxtmi.com/highlights?id=64590 Levy of GST - GST on interest - interest amount receivable on the balance land cost - In the instant case the applicant, APIIC had given a facility to the beneficiaries, by extending the service of fixation of annual instalments with an interest Pi 16°/o p.a for delayed payment of 75% of total consideration over a period of time. In such a case, the interest on the credit facility allowed by the applicant is part of the value of taxable supply and shall be liable to GST. - AAR en-us Tue, 12 Jul 2022 16:00:10 +0530 Tue, 12 Jul 2022 16:00:10 +0530 TaxTMI RSS Generator GST Applies to Interest on Delayed Land Payments: 16% Interest Rate Considered Part of Taxable Supply Value. https://www.taxtmi.com/highlights?id=64590 Levy of GST - GST on interest - interest amount receivable on the balance land cost - In the instant case the applicant, APIIC had given a facility to the beneficiaries, by extending the service of fixation of annual instalments with an interest Pi 16°/o p.a for delayed payment of 75% of total consideration over a period of time. In such a case, the interest on the credit facility allowed by the applicant is part of the value of taxable supply and shall be liable to GST. - AAR Highlights GST Tue, 12 Jul 2022 16:00:10 +0530 https://www.taxtmi.com/highlights?id=64590