Applicability of GST on interest
This query is : Open
08 May 2017
The definition of services under CGST Act says that services includes activities relating to the use of money for which seperate consideration is charged. Hence can it be concluded that Interest on Loan will attract GST ? as Interest is charged for use of money. Further. will Bank interest also attract GST ?
09 May 2017
Interest charge on giving loan is taxable under GST just like it was taxable under service tax.
Activity related to use of money is activity of money exchanger where they charge extra margin for converting the money. GST is applicable on extra margin which is added by exchanger.
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