GST on interest

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211636 Points Posted on 02 May 2019

Yes, in case GSTIN of both the units are different. Its treated as supply.

manohar

CA Practice

36 Points Posted on 02 May 2019

Could you plz share sec or notification

Pankaj Rawat

GST Practitioner

55067 Points Posted on 02 May 2019

Its Exempted as per Entry no 27 , of Notification 12/2017 CT (r)

Vramamurthy

Coimbatore

27 Points Posted on 02 May 2019

sec 7(1)(a) defines the supply ......as per the sec supply of goods and or services done for any consideration treated as supply .......pls refer sec 7 ....for further reference

Akhilesh

C.A.

118 Points Posted on 02 May 2019

so as per 7 (1)(a) gst is applicable

Nishant shah

AUDIT ASSISTANT

302 Points Posted on 03 May 2019

GST is not applicable by virtue of of Exemption list which says that lending of money is a supply of services, but an exempt service in terms of Item 8 of Exemption list

P Murahari Kanuparthi

Manager - Commercial

41 Points Posted on 03 May 2019

If the transaction is a loan transaction, there is no question of GST on the recovery of principal lent, as the tax can only be on the consideration, and not for principal recovery. All earnings and charges other than interest or discount will be chargeable to GST. Lending of money is a supply of services, but an exempt service in terms of Item 8 of Exemption list.

Please refer M/s DELHI CHIT FUND ASSOCIATION VS UNION OF INDIA & ANR. W.P. (C) 4512/2012 dated 23-04-2013.

mayur

Commercial Analyst

33 Points Posted on 04 May 2019

Third Party Trade Sales/Purchase Bill Discounting/Refinance. Query: * GST HSN Code. * Rate Of SGST Guj/Maharashtra/Karnataka/ Rajesthan. * Rate Of CGST. * GST Registration Procedures For Individuals.