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Gst applicable or not ?

Saudagar K (accounts) (64 Points)

05 February 2018

Hi,

we have two companies , our one company gave 1.5 cr Short term loan to our sistern conccern compnay @ 14% P.A.

now i need to raise invoice for this so i can i charge GST on this transaction ???

Thanks !!

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7 Replies

Sankaran Sivasailam (2 Points)
Replied 05 February 2018

GST means a tax on supply of goods or supply of services.

Read more at: https://www.caclubindia.com/articles/brief-analysis-on-scope-of-supply-in-gst--32343.asp

No supply of goods or supply of services.

No GST invoice

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Ur heart beat - Mu2kumar (Accounts Officer) (22 Points)
Replied 05 February 2018

GST applicable.

DHARMESH BABUBHAI MISTRY (consultant) (1435 Points)
Replied 05 February 2018

No Gst charge on interest

sujith kumar dasa (banglore) (1496 Points)
Replied 05 February 2018

(a) extending deposits, loans or advances
in so far as the consideration is
represented by way of interest or discount (other than interest involved in credit card
services); is covered under exemption list hence GST not applicable

SINDHU (accounts) (30 Points)
Replied 06 February 2018

We have paid Rs.47000/- through bank and challan status is showing as paid, but amount is not reflecting in cash ledger or offset ledger , In bank amount is debited , cash paid on 18/1/18 please help out immediately , Complaint launched in gst helpdesk greivence but there is no proper response

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Dhananjay saraf (Chartered Accountant) (254 Points)
Replied 06 February 2018

The following is covered under exemption list (Notification 12/2017-Central Tax(Rate))

extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount (other than interest involved in credit card services);

Hence, GST is not payable