Heading 9971 - GST - Services - General Exemption from GST - CGST / UTGST / SGST / IGST

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); (b) inter se sale or purchase of foreign currency amongst banks or authorised dealers of foreign exchange or amongst banks and such dealers. Definitions: (j) authorised dealer of foreign exchange shall have the same meaning assigned to Authorised person in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999) ; (zk) 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;