No GST on Interest Rates When determining a lender, the interest rate is a crucial factor for many borrowers. It’s vital to keep in mind that GST does not apply to the interest paid on personal loans. Interest payments are part of the financial contract between the borrower and lender and...
Interest on Late Payment of GST Late payment of GST attracts interest charges as per the provisions of the GST law. Here’s a detailed look at how it works: 1. Interest Rate for Late Payment 18% Per Annum: This interest rate is applicable if there is a delay in paying the GST liabi...
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...
The GST on mobile phones is set at 18%, covering smartphones, feature phones, Android tablets, and iPads, effective from April 1, 2020. This uniform rate applies across all states, streamlining the taxation process compared to the earlier Value Added Tax (VAT) system. For example, if a ...
In a move that brought relief to many, the GST Council announced a conditional waiver of interest and penalties under certain sections. This initiative is designed to alleviate the financial strain on taxpayers who may have inadvertently missed deadlines or faced challenges in compliance. Uniform 12...
Section 88B Amendment:No interest on electronic cash ledger balances on GSTR-3B due date. New Section 128A:Waiver of interest/penalties for non-fraud demand notices if paid by 31st Mar 2025. Demand Notices and Penalties: Sections 73 & 74 Changes:Unified time limit and extended penalty payment...
Minimized GST rates on Cotton quilts Reduced GST rate on Worked corals Diminished GST rates on Kitchen gas lighters Tax deduction at source, Sec 51 of CGST Act, 2017 Interest on delayed payment of tax, Section 50 of CGST Act, 2017
Design/methodology/approach - – Using the proprietary data from 79 credit unions in Australia, we perform multivariate regression analysis on the effect of the GST on mortgage effective yield spreads and interest margins, respectively. We also introduce a model that is used to measure the GST ...
Interest on delayed payment of tax, Section 50 of CGST Act, 2017 Revised GST rate on Other non-alcoholic beverages Revised GST rate on Sulphur recovered as by-product in refining of crude oil Revised GST rate on Marble and travertine, other than blocks ...
A party has giving services like betting service i e dream 11 my 11 is this kind of service gst is applicable - GST