UNSECURED LOAN BY INDIVIDUAL TO ANOTHER PERSON

Krishna seva das (TAX CONSULTANT) (1070 Points)

19 August 2019

1) GST APPLICABLE ON PERSONAL FINANCE

AS THERE IS NO PROCESSING or LEGAL FEES

2)IF YEARLY LOAN GIVEN AND RETURN IN BANK TURNOVER MORE THAN 1
20 LAC

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 19 August 2019

1. Registration under GST applicable, but no gst to be charged.

2. Returns to be filed as per schedule.

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Krishna seva das (TAX CONSULTANT) (1070 Points)
Replied 19 August 2019

but return will be nil as it's not goods or service???

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 19 August 2019

Its exempted supply, though being service.

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