https://www.taxtmi.com/forum/issue?id=118680 Interest on loans and advances is exempt when the consideration is interest or discount; such interest income is excluded from the aggregate value of exempt supplies for purposes of ITC reversal, so a non-financial lender generally need not pay GST on interest or reverse common ITC. A banking or financial institution including NBFCs is excluded from this exclusion and may attract different GST/ITC treatment. en-us Sun, 06 Aug 2023 12:27:41 +0530 Thu, 23 Jan 2025 14:23:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118680 Interest on loans and advances is exempt when the consideration is interest or discount; such interest income is excluded from the aggregate value of exempt supplies for purposes of ITC reversal, so a non-financial lender generally need not pay GST on interest or reverse common ITC. A banking or financial institution including NBFCs is excluded from this exclusion and may attract different GST/ITC treatment. Discussion-Forum GST Sun, 06 Aug 2023 12:27:41 +0530 https://www.taxtmi.com/forum/issue?id=118680