GST on interest received

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 1) XYZ is registered with MSME and as per the MSME provisions, customers who had not paid within the prescribed time limit, are paying interest to XYZ. Is XYZ liable to pay GST on the interest recei .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ved? 2) XYZ had taken loan from PQR. The loan amount was re paid before the due date and therefore as per the terms, PQR had paid interest to XYZ. Is XYZ liable to pay GST on the interest received? .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... - Reply By Ganeshan Kalyani - The Reply = 1. Yes, GST is applicable on the interest received. Debit should be raised by the supplier for the interest part. Here the interest is like penalty for not .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... paying the dues in time. - Reply By Ganeshan Kalyani - The Reply = Refer Sri Kasturi Sir's reply to issue ID 115266 which is applicable to your first query. - GST on interest received - Que .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ry Started By: - Kaustubh Karandikar Dated:- 1-8-2019 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Managem .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ent India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X