Hi,
Is GST would be payable by service provider on receipt of Interest bearing mobilization advance for execution of works contract services?
Pls. reply with relevant provisions of GST Law ?
Menu
GST on Interest bearing Advance
Replies (1)
GST is fully payable by the service provider on the receipt of a mobilization advance for works contract services at the time of receipt. The interest component is treated as intrinsically linked to the main works contract service and is factored into the total valuation of the supply under Section 15 of the CGST Act, rather than enjoying the standard GST exemption given to standalone interest on loans.
Recent Topics :
- Partnership tax audit query
- ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
- Form 146 foreign remittance us citizen
- GST 16(2) notice
- Which GSTR-1 upload error do you hit most often?
- Need advice regarding accounting fees
- Is it possible to get a refund for an accidental o
- ITR-3 Section P&L - speculative income - no bo
- Foreign Assets reporting
- Build corpus in HUF
Related Topics :
CAclubindia
