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GST on interest received
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....ST on interest received<br> Query (Issue) Started By: - Kaustubh Karandikar Dated:- 1-8-2019 Last Reply Date:- 1-8-2019 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>1) XYZ is registered wit....
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....h 'MSME' and as per the MSME provisions, customers who had not paid within the prescribed time limit, are paying interest to XYZ. Is XYZ liable to pay GST on the interest received? 2) XYZ had taken lo....
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....an from PQR. The loan amount was re - paid before the due date and therefore as per the terms, PQR had paid interest to XYZ. Is XYZ liable to pay GST on the interest received? Reply By Ganeshan Kalya....
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....ni: The Reply: 1. Yes, GST is applicable on the interest received. Debit should be raised by the supplier for the interest part. Here the interest is like penalty for not paying the dues in time. R....
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....eply By Ganeshan Kalyani: The Reply: Refer Sri Kasturi Sir's reply to issue ID 115266 which is applicable to your first query.<br> Discussion Forum - Knowledge Sharing ....