Is gst application on interest recieved
K.C. Saini (20 Points)
01 June 2020
interest received on loan amount
1 Replies
Shivam RC
(Student)
(23683 Points)
Replied 02 June 2020
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.
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