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Action of imovable property for recovery of loan
when, The bank take action. by suprem court order ,which is take possion and held action for debt recovery .then in tender bedder or bank applicable gst yes or No? it applicable in which rate?(sec) or unapplicable which is sec?
Replies (1)
Yes GST will be appliacle at the rate of 18 % as it will be considered as supply under entry 5(e) of schedule II of CGST Act 2017.
Ateention is invited to Section 7(2)(d) of the act also which clearly says that activities under schedule II made without consideration is treated in scpoe of supply. Further, the borrower has not paid the loan amount hence the bank tolerated the act of non-payment acitivity and taking possion of his property. hence, fair market value of property under determination of value section 10 which is already calculated by bank or may be loan amount is charagble with gst.
Ateention is invited to Section 7(2)(d) of the act also which clearly says that activities under schedule II made without consideration is treated in scpoe of supply. Further, the borrower has not paid the loan amount hence the bank tolerated the act of non-payment acitivity and taking possion of his property. hence, fair market value of property under determination of value section 10 which is already calculated by bank or may be loan amount is charagble with gst.
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