GST Exemption Under Heading 9971: Interest on Loans, Deposits, and Specific Currency Transactions Exempt, Excludes Credit Card Interest.

Heading 9971 outlines services exempt from GST, including CGST, UTGST, SGST, and IGST. Exempt services include extending deposits, loans, or advances where consideration is interest or discount, excluding credit card interest, and inter se foreign currency transactions among banks or authorized dealers. Definitions specify "authorized dealer of foreign exchange" and "interest." Clarifications address taxability of loans from overseas entities to Indian entities and GST applicability on delayed payment charges for late EMI payments, referencing specific circulars for detailed guidance.