I have a credit card in some bank they offered me a lower rate of interest loan, after that I choosen that loan subsequently they are deducting GST on interest part,is it correct?
if correct on which section?
can any one explain me on this issue.
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GST on credit card loan interest
Replies (7)
Correct.........
Services provided by bank ....... 18%
on which provision its covers?
5-banking-financial-transactions-on-which-gst-is-payable-now
free-banking-services-not-liable-to-gst-mutual-fund-exit-load-to-attract-levy
sir RCM applicable this February 1st 2019 or not sir
Dhirajlal sir
As per above you send link gst applicable only on credit card late payment and loan late repayment.
my doubt is wt about interest we are paying with in time limit still they charge gst.
As per above you send link gst applicable only on credit card late payment and loan late repayment.
my doubt is wt about interest we are paying with in time limit still they charge gst.
The loan is over credit card facility........ taxable.
| Originally posted by : Balu Bhaskar | ||
 |
sir RCM applicable this February 1st 2019 or not sir |  |
As on today RCM applicable over goods and services specified as under section 9(3) GST act/ or Sec5(3) IGST act. But RCM for purchase from URD is not applicable till further notification.
Refer attachment
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