Is GST applicable on Interest on Fd ?
if yes , than rate ?
Is RCM applicable?
Interest on FD is covered under GST as exempted supplies and it makes a part in aggregate turnover.
3 Replies
Anup Agarwal
(1184 Points)
Replied 23 January 2020
Interest received on deposits is not to be considered under GST
PrabuSubramanianThangavelpilai
(CA Article Assistant)
(132 Points)
Replied 24 January 2020
As per Notification no. 12/ 2017 (central tax rate) dated 28.06.2017,
services by way of extending deposits, loan or advances in so far as the consideration is represented by
way of interest or discount is exempt under GST.
Refer: Notification no. 12/ 2017 (central tax rate) dated 28.06.2017 - S.No 27 Heading 9971
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