Applicability of GST on interest Income ?
This query is : Resolved
20 December 2024
Hello everyone,
Mr. A is contractor having annual turnover of 15 lacs and other income as below
Interest on loan given to friends and relatives - 6 lacs
Interest from partnership firm on capital - 2 lakh
My query ?
Is he liable to register under GST ? whether 6 lacs & 2 lacs would be covered in determining threshold limit of 20 lacs for registration under GST ?
Mr. A is contractor having annual turnover of 15 lacs and other income as below
Interest on loan given to friends and relatives - 6 lacs
Interest from partnership firm on capital - 2 lakh
My query ?
Is he liable to register under GST ? whether 6 lacs & 2 lacs would be covered in determining threshold limit of 20 lacs for registration under GST ?
20 December 2024
No.
As per Entry No. 27 of Notification No. 12/2017, services by way of extending deposits, loans, or advances are exempt from GST, provided the consideration is represented solely by interest or discount. Even Under Schedule II of the CGST Act, interest on loans is specifically excluded from the definition of taxable supply.
As per Entry No. 27 of Notification No. 12/2017, services by way of extending deposits, loans, or advances are exempt from GST, provided the consideration is represented solely by interest or discount. Even Under Schedule II of the CGST Act, interest on loans is specifically excluded from the definition of taxable supply.
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