Interest received on FD to Company

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Student
31 Points Posted on 23 January 2020
Is GST applicable on Interest on Fd ?
if yes , than rate ?
Is RCM applicable?
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On 23 January 2020 at 14:11 Report
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Quick Summary
Interest received on Fixed Deposits (FDs) by companies is generally exempt from GST. This exemption is covered under Notification No. 12/2017 (Central Tax Rate), specifically under Sl. No. 27 of Heading 9971. While exempt, this interest still counts towards your aggregate turnover.

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CA Article Assistant
132 Points Posted on 23 January 2020

Interest on FD is covered under GST as exempted supplies and it makes a part in aggregate turnover.

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On 23 January 2020 at 14:39
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1184 Points Posted on 23 January 2020
Interest received on deposits is not to be considered under GST
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On 23 January 2020 at 21:06
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CA Article Assistant
132 Points Posted on 24 January 2020

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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On 24 January 2020 at 14:50

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