Niraj Nirala (Student>>CA>>IPCC) (134 Points)
25 June 2019
Rupesh Soni
(Taxation Consultant & CA final student)
(504 Points)
Replied 26 June 2019
pritesh
(CA Final student)
(7101 Points)
Replied 26 June 2019
Mitul Thakkar
(Partner Ashish Doshi and Associates)
(250 Points)
Replied 26 June 2019
Yes. It is supply of Service but Exempt under notification.
Entry No. 27 of Notification No. 12/2017- Central Tax (Rate):
Transaction in money where consideration is represented by Interest is supply under GST but the same has been exempted from the purview of GST through exemption notification.
So currently there is no GST on Interest income on deposit.
Niraj Nirala
(Student>>CA>>IPCC)
(134 Points)
Replied 01 July 2019
Thank you so much. Yes it is in exemption as mentioned by Mitul.
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