Loan to outsider - GST applicable or not

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Manager Accounts and Finance
916 Points Posted on 23 October 2020

Hi., 

We are manufacturing company., we are giving loan to our vendor Rs.10 lac., ., everymonth we are colleting the interest ., pluse principal., 

Can you suggest is it GST applicable for Interest receipt?

Thanking you

Jagan. R

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On 23 October 2020 at 15:40 Report
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Quick Summary
This discussion addresses whether Goods and Services Tax (GST) is applicable on interest received from a loan provided to a vendor. The consensus from the thread indicates that GST is generally not applicable to such interest income. This is due to specific exemptions provided under GST regulations, such as notification 12/2017-CT(R).

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Accountant
3662 Points Posted on 23 October 2020
No, GST not applicable on Interest
1 Reply
On 23 October 2020 at 16:00
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26 Points Posted on 23 October 2020
No it is specifically included under exemption notification
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On 23 October 2020 at 21:37
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Chartered Accountant in Practice
1260 Points Posted on 24 October 2020
Not applicable in light of exemption under 12/2017-CT(R).
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On 24 October 2020 at 11:42

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