Tax applicable on interest income
This query is : Resolved
01 April 2020
Composite scheme dealer detailes mentioned below .
1. Sales turnover Quater 4th Januvary to march,2020 Rs.6,00,000/-
2.interest income on sundry debtors( cash loan) Rs.72000/- yearly.
Composite tax payble on sales turnover only. or interest income tax applicable .
1. Sales turnover Quater 4th Januvary to march,2020 Rs.6,00,000/-
2.interest income on sundry debtors( cash loan) Rs.72000/- yearly.
Composite tax payble on sales turnover only. or interest income tax applicable .
01 April 2020
Interest income GST applicable.
02 April 2020
As per following ex[planation to section 10(1) of the CGST Act, interest received on cash loans extended to customers is not to be included in turnover for calculation of composition tax.
“Explanation.–– For the purposes of second proviso, the value of exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount shall not be taken into account for determining the value of turnover in a State or Union territory.”;
“Explanation.–– For the purposes of second proviso, the value of exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount shall not be taken into account for determining the value of turnover in a State or Union territory.”;
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