PQR (Mexico) is a Subsidy of XYZ (India). Loan had been given in US$ by XYZ (India) to PQR (Mexico) and the principal amount along with interest is paid back to XYZ (India) again in US $ and the same is deposited in the Indian bank having foreign currency account. Is XYZ required to pay GST on the interest amount received from PQR?
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GST on interest on loan
Replies (2)
Quick Summary
No GST applicable.
It is exempt.
It is exempt.
It's Exempted in term of Notification 12/2017 CT (r)
But as you have received the convertable Foreign currency need to raise Export Invoice for the same.
But as you have received the convertable Foreign currency need to raise Export Invoice for the same.
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