Saudagar K (accounts) (64 Points)
21 March 2018Hi,
Pls Help , we have two companies one is NBFC and second is Pvt Ltd , NBFC has gives short term loan to Pvt ltd company Rs.5 Cr @ 14% PA , so can NBFC charge GST on STL interest if yes then can Pvt ltd company avail that GST input credit .pls provide notification also.
Thanks in advance .
Jeeva Thangavelu
(Student CA Final )
(609 Points)
Replied 21 March 2018
GST is not applicabel on Interest. So there is no point of raising GST invoice and subsequently input to the party.
Saudagar K
(accounts)
(64 Points)
Replied 21 March 2018
there is any notification for the same.
thanks !!
Rahul Prasad
(CA Student)
(1683 Points)
Replied 21 March 2018
Jeeva Thangavelu
(Student CA Final )
(609 Points)
Replied 21 March 2018
Its specifically covered under Services exempted by GST (entry 8).
Services by way of— (i) 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); (ii) inter se sale or purchase of foreign currency amongst banks or authorised dealers of foreign exchange or amongst banks and such dealers.
No Notofications.
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