AAR : Late-payment charges on brokerage taxable as original/principal supply

Sep 25,2019

Madhya Pradesh AAR rules that additional amount being charged on delayed payment termed as Interest, late fee or penalty on the amount of brokerage and securities charged by a stock broker, cannot be bifurcated; Finds that the additional amount being charged in the form of interest/late fee/ penalty cannot differ from original/principal supply and have its own/different classification; Referring to explanation inserted to Section 2(102) of CGST Act, 2017 w...

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