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GST - Highlights / Catch Notes

Home Highlights October 2024 Year 2024 This

Interest charges by HDFC Bank Ltd on loans are an inward supply ...


Interest charges on loans by HDFC Bank are exempted services for computing 80% GST threshold limit.

Case Laws     GST

October 4, 2024

Interest charges by HDFC Bank Ltd on loans are an inward supply of exempted services for the applicant. As per Notification No. 12/2017-Central Tax (Rate), services by way of extending deposits, loans or advances, where consideration is interest or discount (excluding credit card services), are exempt from GST. Since HDFC Bank is a registered person under GST, the supply of exempted services by way of interest on loans constitutes part of the applicant's total inward supply for computing the 80% threshold limit. The Advance Ruling Authority held that such interest charges qualify as inward supply from a registered supplier for calculating the 80% threshold.

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