Interest on supplementary invoices – Is it still payable under GST regime?
By Puneet Bansal, Managing Partner, M/s NITYA Tax Associates WITH maturing commercial understanding between buyers and sellers, commercial contracts often undergo a retrospective price revision due to variety of reasons. The reasons range from change in raw material prices, unforeseen cost escalations etc. In such contracts, the factum of price revision is known at the time of entering into the contract, but the quantum of such revision gets known only in future. Such retrospective price changes raise important questions of taxability in the ﬁrst place and related aspects such as interest etc.
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