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Penal Interest on default in EMI payment taxable under GST: AAR

November 17, 2018[2018] 99 taxmann.com 236 (AAR - MAHARASHTRA)
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GST : Receipt of penal charges by finance companies on delayed payment of EMIs would be receipt of amounts for tolerating act of their customers for having delayed/defaulted on their EMI payments within due dates and, same would be taxable as supply as per Sr. No. 5(e) of Schedule II of CGST Act

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