GST Charged on Term Loan Interest

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Accountant
60 Points Posted on 29 October 2021

Greetings All !!!!!

 

Sir, 

My question is regarding (GST charged on term loan interest)  ITC to be claimed or not if any company dealing in Non GST items 

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On 29 October 2021 at 17:45 Report
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Quick Summary
This discussion addresses whether GST is chargeable on the interest of term loans, particularly for companies dealing in non-GST items. While CGST is generally exempt on loan interest, the ability to claim Input Tax Credit (ITC) depends on the company's GST registration status and its dealings. Options include maintaining GST registration or applying for cancellation.

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CA
10436 Points Posted on 31 October 2021
If you have GST registration only then you can claim itc
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On 31 October 2021 at 19:55
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GST Consultant
15986 Points Posted on 31 October 2021

GST is exempt on interest on loan.

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On 31 October 2021 at 20:02
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Chartered Accountant
24588 Points Posted on 31 October 2021
No it cannot be claimed
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On 31 October 2021 at 20:54
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Accountant
60 Points Posted on 03 November 2021

Our company is already registered in GST but dealing in non GST/exempt items...

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On 03 November 2021 at 15:14
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GST Consultant
15986 Points Posted on 03 November 2021

@ Meghraj Ojha

You can either continue with your registration or you can apply for cancellation of your registration. It's at your option.

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On 03 November 2021 at 15:17

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