Gst on interest recieved

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20 Points Posted on 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?
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On 01 June 2020 at 21:24 Report
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If you provide loans to customers and earn interest, you generally do not need to pay GST on that interest income. This is because interest earned from loans and advances is typically exempt from GST. This exemption is outlined in Notification No. 12/2017 - Central Tax (Rate).

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12 Points Posted on 01 June 2020
Interest Income is exempt from GST
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On 01 June 2020 at 21:27
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Student
23693 Points Posted on 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.
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On 02 June 2020 at 00:33
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GST Practitioner
55067 Points Posted on 03 June 2020
Yes it's Exempted in term of Notification 12/2017 CT (R)
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On 03 June 2020 at 01:38

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