Gst on interest paid
This query is : Resolved
15 August 2018
We have to pay interest on loans taken. Have we to add gst on that Advice which of the following 2 options
1. Interest 1,00,000
gst 18,000
total 1,18,000
tds @ 10 % 10,000
to pay 1,08,000
Option 2 Interest 1,00,000
tds 10,000
to pay 90,000
Pl advice.
Mona
1. Interest 1,00,000
gst 18,000
total 1,18,000
tds @ 10 % 10,000
to pay 1,08,000
Option 2 Interest 1,00,000
tds 10,000
to pay 90,000
Pl advice.
Mona
16 August 2018
Ok means its not my liability to charge or pay gst...pl clarify
16 August 2018
GST not applicable on Interest
Message likes :
1 times
16 August 2018
Services by way of extending deposits, loans or advances where the consideration is represented by interest is an exempt supply as per Notification 12/2017 -CGST- Central Rate; Hence there is no liability to charge or pay GST on interest.
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