Gst on interest received
This query is : Open
01 August 2019
1) XYZ is registered with ‘MSME’ and as per the MSME provisions, customers who had not paid within the prescribed time limit, are paying interest to XYZ. Is XYZ liable to pay GST on the interest received? 2) XYZ had taken loan from PQR. The loan amount was re – paid before the due date and therefore as per the terms, PQR had paid interest to XYZ. Is XYZ liable to pay GST on the interest received?
01 August 2019
section 15(2l(d) value of supply includes interest or late fee or penalty for delayed payment of any consideration for
any supply. hence reply to your query 1- GST will be levied
any supply. hence reply to your query 1- GST will be levied
01 August 2019
entry 27 of notification 12/2017 Central Tax-Rate, interest on loans exempted from GST
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