Ad free CAclubindia and daily updates on your mobile. Subscribe Now!

Gst on interest recieved

01 June 2020

I am a registered person providing loan to my customers. I also collect interest from loan .So tell me whether I will pay GST on interest earned by me or not?

Reply
Follow
Share

3 Replies

REETURAJ VERMA (12 Points)
Replied 01 June 2020

Interest Income is exempt from GST

Upgrade to CAclubindia Pro. Subscribe Now!

Shivam RC (Student) (23683 Points)
Replied 02 June 2020

No. Not required to pay GST on Interest Income.

As per Notification No. 12/2017 - Central Tax ( Rate ), dated 28.06.2017, "Services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount" is EXEMPTED from GST.

2 Like