Gst on interest received

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Kaustubh Ram Karandikar (Querist)
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01 August 2019 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 received? 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?

pradeep goyal

pradeep goyal (Expert)
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01 August 2019 section 15(2l(d) value of supply includes interest or late fee or penalty for delayed payment of any consideration for
any supply. hence reply to your query 1- GST will be levied

pradeep goyal

pradeep goyal (Expert)
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01 August 2019 entry 27 of notification 12/2017 Central Tax-Rate, interest on loans exempted from GST

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