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TMI BlogInterest recovered from employees on loan givenX X X X Extracts X X X X X X X X Extracts X X X X ..... XYZ Pvt. Ltd. Is recovering Interest from employees towards personal loan given to them. Is XYZ required to pay GST on the interest received? - Reply By Rajagopalan Ranganathan - The Reply = Sir, According to Sl. No. 27 of Notification No. 12/2017-CT (Rate) dated 28.6.2017 as amended extending deposits, loans or advances in so far as the consideration is represented by way of interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or discount (other than interest involved in credit card services) is chargeable to CGST @ 'Nil' rate. Similar exemption is available under IGST Act also. - Reply By KASTURI SETHI - The Reply = In simple words, only penal interest is taxable under GST Acts . - Reply By CAHemanth Kumar - The Reply = Agreed with the experts view. GST will be applicable only on the following interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts 1. Interest which is collected for delay payment of consideration. 2. Credit card Interest. - Reply By KASTURI SETHI - The Reply = Dear Sir, Is interest on credit card penal interest or in routine way ? Pl.quench my thirst for knowledge on this issue. - Reply By KASTURI SETHI - The Reply = Dear Sir, GST is payable on int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest recovered on credit card, if the payment was delayed by the consumer. Am I right ? - Reply By Kaustubh Karandikar - The Reply = yes kasturi ji, in my view payable. - Reply By CAHemanth Kumar - The Reply = Dear Kasturi sethi sir, For credit card, whether it is normal interest or penal interest GST will be applicable on both. - Reply By CAHemanth Kumar - The Reply = Dear Sir, Interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exemption entry will be as follows 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. - Reply By KASTURI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SETHI - The Reply = Agreed, Sir. Thanks a lot for your reply. - Reply By CAHemanth Kumar - The Reply = Welcome sir. Im in the process of learning and sharing. Need to learn a lot from experts like u sir. - Reply By KASTURI SETHI - The Reply = Dear Sir, A person whose articles are published in EXCUS CD he is not at learning stage. He is a learned person. If you say that yo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u are at a learning stage, it is your humbleness and politeness and greatness. Thanks and regards for your such disciplined and liberal behaviour. - Interest recovered from employees on loan given - Query Started By: - Kaustubh Karandikar Dated:- 28-12-2021 Goods and Services Tax - GST - Got 11 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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