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TMI BlogReversal of Common Input Tax CreditX X X X Extracts X X X X X X X X Extracts X X X X ..... Reversal of Common 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for Calculation of 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or both. - Reply By KASTURI 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he definition of taxable value 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 KASTUR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I SETHI - The Reply = Dr.Govindarajan Sir,. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - The Reply = Interest does not fall under the category/definition of supply. - Reversal of Common Input Tax Credit - Query Started By: - HITESH DEDHIA Dated:- 1-5-2018 Goods and Services Tax - GS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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