NAGA (ACCOUNTANT) (515 Points)
27 September 2020
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 27 September 2020
NAGA
(ACCOUNTANT)
(515 Points)
Replied 27 September 2020
CA Kushwanth AVSR
(CA in Practice CMA by Qualification)
(1593 Points)
Replied 27 September 2020
No need to pay GST, the same was exempted in GST via notification 12/2017 CT(R) dt. 28-06-2017
In the Entry 27 of the notification it was given that:
Services by way of—
(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);
(b) inter se sale or purchase of foreign currency amongst banks or authorised dealers of foreign exchange or amongst banks and such dealers.
In the entry no where specified that it applicable only to the the financial institutions. So, there is no GST on such income.
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 27 September 2020
Shivam RC
(Student)
(23683 Points)
Replied 27 September 2020
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 28 September 2020
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 28 September 2020
CAclubindia
