Related party transactions
This query is : Resolved
25 February 2019
XYZ(Proprietor) received Interest free loan from PQR (HUF). Both XYZ and PQR are related. Will it have any GST implications? Loan being given without charging any interest and XYZ and PQR being related, will it not amount to service provided by PQR to XYZ and for related person even without consideration, GST is required to be paid and in that case, whether PQR liable to pay GST?
Udaya Chandran
(Expert)
26 February 2019
According to sec 2(52) "goods' means every kind of movable property other than money.......... So the money which is borrowed is not supply.
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