is there GST on interest income or interest expenses.?
interest received or paid to individual other than financial institutes.
suppose i am registered person under gst and give loan to another registered or unregistered person.
and he pays me interest on it on monthly basis.
does he or i have to pay gst on it. if yes then who is laible to pay and how much,
I am giving finance against cheque discounting. I am accounted the interest as finance charge. If any service tax is applicable?. My finance charges turnover is below Rs. 20.00 lacs but my finance (pricipal turnover is more than 20.00 lacs. So far I am not make any service tax payments in previous years. Pls clarify shall i registered for Service tax or not?. service tax is applicable for me..
Mr. Nagarajan,
Registration under Service Tax had been abolished since 1st July 2017. Now it comes under GST portals only. In case your turnover from finance charges will cross Rs.20 lacs, then you have to be registered under GST as well as GST output @ 18% is applicable on such charges.
does a banking institute needs to pay gst on interest income receiving from their customers????????????????
| Originally posted by : Priyanka.S | ||
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does a banking institute needs to pay gst on interest income receiving from their customers???????????????? |  |
No need to collect GST if normal loans,
but credit card loans are covered under services, need to collect and remit GST
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