GST payable on Penal Interest/Penalty collected by foreman to chit

In re Ushabala Chits Private Limited (GST AAAR Andhra Pradesh) For the record, it may be noted that under Section 15(2)(d), the said interest or late fee or penalty for delayed payment of any consideration is for any supply. It is not necessary that it flows out of a ‘taxable supply’. Further the word “consideration” has also been defined under Section 2(31) – as “consideration in relation to the supply of goods or services or both includes-” … It may be noticed that again it is in relation to supply of goods and not taxable supply. Hence, the cl...