Reversal of Common Input Tax Credit

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..... Reversal of Common Input Tax Credit
Query (Issue) Started By: - HITESH DEDHIA Dated:- 1-5-2018 Last Reply Date:- 2-5-2018 Goods and Services Tax - GST
Got 6 Replies
GST
Reversal of Common .....

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..... Input Tax Credit under GST is required for Exempted Supplies/Services. The Company has earned Interest on Loans & Advances/Deposit. Whether Interest income is considered as exempted for Calculation o .....

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..... f Proportionate Exempted Sales to Taxable Sales. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: In my view it is not. It is applicable to the exempted supply of goods/services or both. Reply By KAS .....

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..... TURI SETHI: The Reply: Answer is yes. It is normal/routine interest. The amount of interest earned on account of default payment/delayed payment is taxable under GST. See the definition of taxable va .....

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..... lue under Section 15 of CGST ACT, 2017 Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: The interest is not on default but on loans and advances. Reply By KASTURI SETHI: The Reply: Dr.Govindarajan S .....

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..... ir,. I agree with you in toto. Reply By Himansu Sekhar: The Reply: Loan is not a service. Interest is also not a supply at all. Reply By YAGAY and SUN: The Reply: Interest does not fall under the .....

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..... category/definition of supply.
Discussion Forum - Knowledge Sharing .....

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