No GST is charged on these services. There will also be no GST levied on interest earned on deposits.Loans Will my loans/ mortgage/ auto financing be subject to GST? Payment of principal loan amount and interest (monthly instalment) are not subject to GST. Are there loan-related fees that...
How is the Value of Supply Calculated for GST on Mobile Phones? Value of Supply: Under GST, the value of supply is the total amount collected by the seller from the buyer for the goods or services. When dealing with related parties, GST is charged based on the transaction value, which ...
The ITAT ruling clarified that the excess interest retained by the NBFC does not qualify as commission or brokerage under Section 194H of the Income Tax Act. The tribunal determined that the loans originated by the NBFC were not on behalf of the bank, but rather as independent transactions gov...
The disbursement of loan, as well as interest charged, are not subject to GST . However, all fees or charges made by SCB will be subject to 6% GST as this service relates to the financing of land or goods in Malaysia. A Malaysian company recently won a project to develop power plants ...
My all banks are charging bank charges with GST on Bank charges. Example: Bank charged Rs. 250 from my account as Bank Charges. In this case, the bank charges CGST and SGST @ 9% each because GST on Bank Charges and interest is 18%. So the entry will be like this:Bank Charges...
applicable on loan processing charges Generally, a personal loan processing fee ranges from 2-3%, while Standard Chartered Bank charges up to 2.25%. You can get a loan amount up to Rs 30 lakh at attractive interest rates and get up to 50% discount on processing fees foronline applications...
Interest is assessed on the outstanding tax amount when GST liabilities are not paid on time Failure to comply with GST regulations may result in the suspension or cancellation of your GST registration The maximum penalty for breaking the GST is 10% of the total tax amount due. However, there...
Any interest or penalty will be charged on that? What is the Timeline for generating the E-invoice there is a limit of time?? Please guide me on the same. Reply SAG Infotech June 28, 2021 at 12:59 pm There is no issue in generating the E-invoice on month-end for a whole month...
When lodging a BAS, it should list periodic business tax entitlements, obligations and GST reporting charged on sales. Businesses with an annual turnover that exceeds $10m must file a BAS monthly. Other businesses can opt for monthly filings, but they only need to do so quarterly. There are...
#Inter state supply:-Businesses who engage in supply of goods or services outside its state boundaries must get registered with the GST Department. Such businesses are subject to Integrated Goods and Services Tax (IGST), which is charged on the supply of goods or services from one state to ...