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?
Credit Societies Must Pay GST on Most Income Streams Except Interest on Gold Loans, Say Respondents A discussion on a forum addressed whether a Credit Society must pay Goods and Services Tax (GST) on various income streams listed in its balance sheet. These include processing and loan application fees, locker rent, commissions from electricity bill payments, daily collection commissions, service charges, delayed loan repayment charges, and new passbook issue charges. Two respondents confirmed that GST is applicable to all these income streams except for interest on gold loans. (AI Summary)
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