Additional amount cannot be treated as interest and therefore the exemption cannot be applied.
Source: taxmann.com
User tips:
For other VAT updates about this country, just click on the country tag above.
For other VAT updates about this topic in general, just click on the subject tag(s) below.
Latest Posts in "India"
- GST Reduction on Fruit Drinks Excludes Colas; Prices Remain Unchanged for Carbonated Beverages
- Supreme Court Stays Retrospective GST Penalty, Examines Applicability to Non-Taxable Persons
- India Unveils Simplified GST Rate Structure
- GST 2.0: Key Changes, New Rates, and Business Impact Explained
- Guide to GST Refunds for Unregistered Persons: Cancelled Service Contracts Explained