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AI Drafter ✕

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

Step 1 – Issue Identification & Review

The AI analyses your query, notice, order, or uploaded documents and identifies the key issues involved.

• Review the issues identified by the AI
• Add, edit, remove, or refine issues as required


Step 2 – Draft Generation

Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

• Relevant statutory provisions
• Judicial precedents and Supreme Court, High Court and other citations
• Issue-wise legal analysis
• Practical arguments and supporting content
• Professionally structured draft ready for further review.

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INTEREST ON LATE PAYMENT RECEIVED OF SALE

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....NTEREST ON LATE PAYMENT RECEIVED OF SALE<br> Query (Issue) Started By: - NAREN KHATRI Dated:- 3-9-2017 Last Reply Date:- 4-9-2017 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>HI.. SIR/S.. ....

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....NEED TO ISSUE DEBIT NOTE TOWARDS INTEREST ON LATE PAYMENT RECEIVED TOWARDS SALES. IS THIS INTEREST LIABLE TO GST..?? THANKING YOU IN ADVANCE.. Reply By Rajagopalan Ranganathan: The Reply: Sir, As....

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.... per Section 15 (2) (d) of CGST Act, 2017 &quot; the value of supply shall include interest or late fee or penalty for delayed payment of any consideration for any supply.&quot; Therefore any interest....

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.... collected on late payment received towards sales is liable to GST. Reply By NAREN KHATRI: The Reply: Thank you very much sir.. for quick reply. will you let me know GST % for the said interest..? ....

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....so, i shall make debit note accordingly with interest + gst. Reply By KASTURI SETHI: The Reply: Yes. GST is applicable on interest under Section 15 of CGST Act. Reply By Rajagopalan Ranganathan: Th....

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....e Reply: Sir, The rate of gst will be the rate applicable to the goods/services supplied by you. Reply By Himansu Sekhar: The Reply: The interest will be a part of the value. The same rate as that....

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.... of the goods<br> Discussion Forum - Knowledge Sharing ....

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