TaxTMI 
TaxTMI 
Reversal of Common Input Tax Credit
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....eversal of Common Input Tax Credit<br> Query (Issue) Started By: - HITESH DEDHIA Dated:- 1-5-2018 Last Reply Date:- 2-5-2018 Goods and Services Tax - GST<br>Got 6 Replies<br>GST<br>Reversal of Common ....
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....Input Tax Credit under GST is required for Exempted Supplies/Services. The Company has earned Interest on Loans & Advances/Deposit. Whether Interest income is considered as exempted for Calculation of....
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.... Proportionate Exempted Sales to Taxable Sales. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: In my view it is not. It is applicable to the exempted supply of goods/services or both. Reply By KAST....
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....URI SETHI: The Reply: Answer is yes. It is normal/routine interest. The amount of interest earned on account of default payment/delayed payment is taxable under GST. See the definition of taxable val....
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....ue under Section 15 of CGST ACT, 2017 Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: The interest is not on default but on loans and advances. Reply By KASTURI SETHI: The Reply: Dr.Govindarajan Si....
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....r,. I agree with you in toto. Reply By Himansu Sekhar: The Reply: Loan is not a service. Interest is also not a supply at all. Reply By YAGAY and SUN: The Reply: Interest does not fall under the c....
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....ategory/definition of supply.<br> Discussion Forum - Knowledge Sharing ....