Q1. At what stage the GST is to be paid on delayed payment of interest that is not still paid by purchaser of goods?
Ans-In light of Section 12(6) of GST is to be paid on the date on which the supplier of goods receives such addition in value through interest on delayed payment of any consideration
Q2. Whether at the time of demand of interest/debit of interest in the account of purchaser of goods and whether the fresh invoice of interest for delayed payment be issued or not in spite of non-receipt of interest?
Ans-In light of Section 12(6) of GST is to be paid on the date on which the supplier of goods receives such addition in value through interest on delayed payment of any consideration and a debit note may be issued in this regard under Section 34 of the Act.
Q3. Whether GST payable on accrual basis?
Ans-GST on interest recovered is to be paid on the date on which the supplier of goods receives such addition in value on delayed payment of any consideration.