Amount collected by Credit Society, Goods and Services Tax - GST

[Kaustubh Karandikar]

Credit Society “showing ‘other income’ in the balance sheet for

1) Processing Fee and loan application fee from customers.

2) Locker Rent

3) Commission from MSEB for accepting electricity bill payments from customers.

4) Interest on Gold Loan

5) commission on Daily Collection and Service Charges on daily recovery.

6) Charges on delayed repayment of loan

7) New Pass Book issue charges. Is the Credit Society required to pay GST on these amounts recovered?

Posts / Replies

[Rajagopalan Ranganathan]

Sir,

Yes, GST is payable except interest on gold loan.

[sarojni singh]

Yes, you have to pay GST on everything you mention in your question Except Gold Loan Interest.