GST Charged on Term Loan Interest

Meghraj Ojha (Accountant) (60 Points)

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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5 Replies

CA Aakarsh Jain (CA) (10431 Points)
Replied 31 October 2021

If you have GST registration only then you can claim itc

CA Altamush Zafar (GST Consultant) (15986 Points)
Replied 31 October 2021

GST is exempt on interest on loan.

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 31 October 2021

No it cannot be claimed

Meghraj Ojha (Accountant) (60 Points)
Replied 03 November 2021

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

CA Altamush Zafar (GST Consultant) (15986 Points)
Replied 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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