31 October 2017
Sir, I have seen that GST @ 18% is charged on Interest on Arrears of Society Maintenance charges on Office Premises I just want to Clarify whether GST is applicable on Interest of Arrears of Soc Maint chgs . Please give the notification/Rules if applicable
01 November 2017
Interest is exempt if it is a consideration when payable for extending any loan, advances or deposits and not otherwise. Please refer Not. 12/2017 Central Tax (Rate), Serial No. 27, that exempts interest related to Heading 9971.
CAclubindia
