Bounce Charges for Cheque Delays are Consideration Under GST Act, Section 2(31), Not Exempt Interest, Subject to GST.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Levy of GST - cheques Bounce Charges - The bounce charges are recovered by the appellant for tolerating the act of delay and it is nothing but consideration u/s 2(31) - further the “bounce charges” in the present case are not covered in the interest meant for the purpose of the exemption and thereby not entitled for the exemption under Notification No. 12/2017 - will attract GST....