SAC FOR INTEREST ON LOANS, Goods and Services Tax - GST

[S.C. WADHWA]

What is SAC for interest on loans exmpted under GST.

Posts / Replies

[Nitika Aggarwal]

Dear Sir,

SAC for Services by way of 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); is covered under heading 9971.

In order to substantiate the same, reliance shall be placed on entry no 27 of Mega Exemption Notification No. 12/2017-Central Tax rate dated 28.06.2017.

Regards

Nitika Aggarwal

9953157961

[YAGAY and SUN]

We duly endorse the view of the expert.