Hi..
ABC LTD ACQUIRED LAND ON 90 YEARS LEASE FROM GREATER NOIDA AUTHORITY, WE HAVE TO PAY TOTAL 8CR INCLUDING INTEREST OF 2 CR.
GREATER NOIDA AUTHORITY IS REGISTERED AS LOCAL AUTHORITY UNDER GST, MY QUERY IS WHETHER AUTHORITY WILL CHARGE US GST ON INTEREST COMPONENT.
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GST ON INTEREST PAYABLE TO NOIDA AUTHORITY
Replies (3)
Yes, GST applicable on interest component as per law
Kindly share proviso under which we have to pay GST on interest to NOIDA AUTHORITY, please note status of authority is Local Authority
As per notification,there is no requirement to pay GST on the lease rent paid for land taken on
lease from Central Government, State Govemmen! Union territory or Local authoriqrv.e.f.
25.01.2018, So the interest arise on exempted lease payment will exempted
But dont know how local authority treat such interest , if it is treated as fee or penalty then GST will attract
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