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...
For example, if a 2% prepayment fee is imposed on a personal loan amount of ₹50,000 by your lender, the fee of the prepayment would be ₹1,000, and the total payable amount would be ₹1,180, including an 18% GST. No GST on Interest Rates When determining a lender, the inte...
A GST of 18% is 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 ...
Loan Tenure Calculator GST Calculator Income Tax Calculator Simple Interest Calculator Frequently Asked Questions What is GSTIN, and why is it important for a company? GSTIN is the goods and service tax identification number. Businesses must register for GST and obtain a GSTIN, a fifteen-digit ...
I am an SCB Malaysia Customer from Singapore. I recently took a loan with SCB Malaysia to finance my house in Johor Bahru. Is this loan subject to GST? The disbursement of loan, as well as interest charged, are not subject to GST . However, all fees or charges made by SCB will be...
The newsworthy 28th GST council meeting that was held on 21st July 2018 and headed by the Union Minister of Finance Sh. Piyush Goyal has indeed proved to be a trendsetter as it has revealed several groundbreaking economic and fiscal reform measures that are indubitably in the interest of the ...
Previously, service tax was levied on loans at 15%. With the advent of GST, this has increased to 18%. However, GST is not applicable to loan repayments or interest payments. It is only levied on processing charges and other fees excluding principal and interest payments. Therefore, the ...
The newsworthy 28th GST council meeting that was held on 21st July 2018 and headed by the Union Minister of Finance Sh. Piyush Goyal has indeed proved to be a trendsetter as it has revealed several groundbreaking economic and fiscal reform measures that are indubitably in the interest of ...
The bank took possession of the building in the year it was completed and the lessor claimed deductions on depreciation, interest on construction loan, expenses related to sale and lease back and accrued the rent from the bank. The Commissioner of Internal Revenue denied the claims of the ...
Effective 1 November 2024, if you are a GST-registered taxpayer and applying for a conditional waiver of interest and penalties, you must adhere to the rules and procedures outlined in Section 128A. You can submit an electronic application using the appropriate forms within three or six months,...