Amount collected by Credit Society

[Kaustubh Karandikar]

Credit Society “showing ‘other income’ in the balance sheet for

1) Processing Fee and loan application fee from customers.

2) Locker Rent

3) Commission from MSEB for accepting electricity bill payments from customers.

4) Interest on Gold Loan

5) commission on Daily Collection and Service Charges on daily recovery.

6) Charges on delayed repayment of loan

7) New Pass Book issue charges. Is the Credit Society required to pay GST on these amounts recovered?

[Rajagopalan Ranganathan]

Sir,

Yes, GST is payable except interest on gold loan.

[sarojni singh]

Yes, you have to pay GST on everything you mention in your question Except Gold Loan Interest.

AI Summary

GST applicability on credit society receipts: tax applies to listed fees and charges, excluding gold loan interest. GST applies to amounts recovered by a credit society for processing and loan application fees, locker rent, commissions for bill collection, daily collection commissions and service charges, delayed repayment charges, and passbook fees; contributors indicate these are taxable supplies. Interest on gold loans is identified as the sole exception not subject to GST in the responses.