https://www.taxtmi.com/forum/issue?id=113009 Routine interest for the use of money is not ordinarily subject to GST because the definition of services excludes money; however, interest or late fees that function as penal or default charges and affect the time of supply are included in the taxable value and may attract GST. Banks may correctly charge GST on bank charges and on interest when it operates as a penalty or completes the time of supply, but not on ordinary loan interest in typical lending transactions. en-us Tue, 07 Nov 2017 11:00:08 +0530 Thu, 23 Jan 2025 15:55:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=113009 Routine interest for the use of money is not ordinarily subject to GST because the definition of services excludes money; however, interest or late fees that function as penal or default charges and affect the time of supply are included in the taxable value and may attract GST. Banks may correctly charge GST on bank charges and on interest when it operates as a penalty or completes the time of supply, but not on ordinary loan interest in typical lending transactions. Discussion-Forum GST Tue, 07 Nov 2017 11:00:08 +0530 https://www.taxtmi.com/forum/issue?id=113009