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; Clarification Clarification regarding taxability of the transaction of providing loan by an overseas entity to its Indian related entity or by a person in India to a related person. [ See Circular No. 218/12/2024-GST Dated 26.06.2024 ] Clarification regarding applicability of GST on delayed payment charges in case of late payment of Equated Monthly Instalments (EMI). [ See Circular No. 102/21/2019-GST dated 28.06.2019 ]