Effect of GST on Processing Fees When you make an application for a personal loan, the financial institution faces administrative costs, which are then transferred to you as processing charges. Since this processing is viewed as a service provided by the institution, it is subject to a GST rat...
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 ...
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...
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 ...
After processing, you’ll receive a UTR and CIN. The GST portal will be updated subsequently. What Are the Important GST Payment Forms? Form Name Description Explanation GST PMT-01 Electronic tax liability register Payment of taxes, interests, penalties, fees, or any other dues by taxpayers...
Also, the GST Amnesty Scheme was announced in the meeting to provide relief to taxpayers regarding late fees for pending returns. New changes in the GST Rates related to COVID-19 equipments were announced via the 44th GST Council Meeting. The month of June also saw a few GST notification ...
The status of the renewal can be tracked on the GST portal, and upon successful processing, a renewed GST certificate will be issued for continued compliance with GST regulations in Jammu and Kashmir. Why Choose Vakilsearch for GST Registration in Assam? Vakilsearch emerges as a premier choice ...
The status of the renewal can be tracked on the GST portal, and upon successful processing, a renewed GST certificate will be issued for continued compliance with GST regulations in Manipur. Why Choose Vakilsearch for GST Registration in Manipur? Vakilsearch stands as a viable choice for GST ...
on the rents, issues, profits or income received or derived therefrom which are assessed, reassessed or levied by the United States, the State of California or any local government authority or agency or any political subdivision thereof, and shall include Landlord's reasonable legal fees, costs ...
The processing from the bank is completed in a few hours and a UTR (Unique Transaction Reference) is provided by the bank. The taxpayer must log in to the portal and use the UTR to link to the said challan. Thereafter, the cash ledger is updated with the amount....