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Issue ID : 113793
- 0 -

SAC FOR INTEREST ON LOANS

Date 28 May 2018
Replies2 Answers
Views 15773 Views
Asked By

What is SAC for interest on loans exmpted under GST.

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- 0
Replied on May 28, 2018
1.

Dear Sir,

SAC for Services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount (other than interest involved in credit card services); is covered under heading 9971.

In order to substantiate the same, reliance shall be placed on entry no 27 of Mega Exemption Notification No. 12/2017-Central Tax rate dated 28.06.2017.

Regards

Nitika Aggarwal

9953157961

- 0
Replied on May 28, 2018
2.

We duly endorse the view of the expert.

Old Query - New Comments are closed.

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