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Interest Paid for Delayed Payment- GST Leviability

Now a days, the suppliers have adopted a practice to recover interest, penalty or similar charges from the recipient for delayed payment of the consideration in respect to their supplies. For example, Mr. A has supplied the goods to Mr. B and as per the agreement if the payment is not made with in 90 days then Mr. B has to pay late payment charges to Mr. A. Similarly, in case any loan is obtained from the lender................ Read More