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Gst on interest recieved
I am a registered person providing loan to my customers. I also collect interest from loan .So tell me whether I will pay GST on interest earned by me or not?
Replies (3)
Interest Income is exempt from GST
No. Not required to pay GST on Interest Income.
As per Notification No. 12/2017 - Central Tax ( Rate ), dated 28.06.2017, "Services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount" is EXEMPTED from GST.
As per Notification No. 12/2017 - Central Tax ( Rate ), dated 28.06.2017, "Services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount" is EXEMPTED from GST.
Yes it's Exempted in term of Notification 12/2017 CT (R)
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