Is GST applicable on Interest on Fd ?
if yes , than rate ?
Is RCM applicable?
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Interest received on FD to Company
Replies (3)
Quick Summary
Interest on FD is covered under GST as exempted supplies and it makes a part in aggregate turnover.
Interest received on deposits is not to be considered under GST
As per Notification no. 12/ 2017 (central tax rate) dated 28.06.2017,
services by way of extending deposits, loan or advances in so far as the consideration is represented by
way of interest or discount is exempt under GST.
Refer: Notification no. 12/ 2017 (central tax rate) dated 28.06.2017 - S.No 27 Heading 9971
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