Gst on finance

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audit staff
1203 Points Posted on 10 August 2020
my client start finance business, i.e. provide loan to people for buying 2 wheeler. income is only interest, whether gst is applicable? sir
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On 10 August 2020 at 11:28 Report
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Quick Summary
This discussion clarifies whether Goods and Services Tax (GST) applies to a finance business that provides loans for purchasing two-wheelers, where the sole income is interest. The consensus is that interest earned from such financial activities, unless from credit card companies, is generally exempt from GST.

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Practice
3235 Points Posted on 10 August 2020
Interest earned other than by credit card companies are exempt from GST
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On 10 August 2020 at 11:38
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Finance/Compliance Consultant
69525 Points Posted on 10 August 2020
Is it Interests or Commission Income ?
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On 10 August 2020 at 12:34
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audit staff
1203 Points Posted on 10 August 2020
Income is finance interest income
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On 10 August 2020 at 13:48

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