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whether gst apply or not
whether gst apply on money given for interest (and it is the business of individual giving money for interest)
Replies (4)
GST is not applicable in your case
GST not levied on Interest other than Late payment interest paid
Its exempted by the Notification 12/2017 CT (r) .
GST is levaiable on the amount of interest only if interest is paid on account of default in payment (refer section 15(2))
GST is levaiable on the amount of interest only if interest is paid on account of default in payment (refer section 15(2))
GST is exempted on interest on loans/advances
Extract as under-12/2017-CT(rate)
Services by way of—
(a) extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount (other than interest involved in credit card services);
“interest” means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) but does not include any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has not been utilised
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