Processing Charges: The primary focus of GST is on the processing charges of personal loans. Since these charges vary among lenders, the applicable GST can differ based on the chosen financial institution and its fee structure. Loan Amount and Time Duration: While GST is not directly applied ...
GST Refund Process, Enterslice assists our clients by providing a wide range of services, including conducting GST reviews, advising on various GST-related issues.
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 ...
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 ...
Want to know whether gst applicable in processing charges of poultry feed and hatching charges of egg in chicks or not. If yes,please confirm rate and date of implementation?? MANISH :On 02 June 2019 duty % & GST % of led recessed light import from China.Purpose of manufacturing in Indi...
Calculating and displaying GST amounts on sales and purchase documents When you choose an item number in theNo.field on a sales or purchase document, Business Central fills in theUnit PriceandLine Amountfields. The unit price comes from either theItemcard or the item prices allowed for the it...
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...
If the GST Registration is on a compulsory basis, then processing time will be 10 working days. If the GST Registration is on a voluntary basis, then processing time will be around 1 month. Once the application for Registration is filed by the applicant and is processed, the authorities have...
Taxpayers must fill in their monthly or quarterly GSTR 1 form in January to avoid penalty charges. In this regard, you can read our guide on everything you need to know about form GSTR 1. Since 31st December is the due date to file GSTR-9 for a financial year, taxpayers who haven...
9. Collect ITC on Bank charges Bank charges like processing fees and unit inspection charges also need to be claimed timely. Cash Credit accounts with banks have to pay ‘processing charges’ for renewal of C/C limits and also have to pay unit inspection charges which are directly debited...