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GST on interest received, Goods and Services Tax - GST

Issue Id: - 115269
Dated: 1-8-2019
By:- Kaustubh Karandikar
GST on interest received

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1) XYZ is registered with ‘MSME’ and as per the MSME provisions, customers who had not paid within the prescribed time limit, are paying interest to XYZ. Is XYZ liable to pay GST on the interest received? 2) XYZ had taken loan from PQR. The loan amount was re – paid before the due date and therefore as per the terms, PQR had paid interest to XYZ. Is XYZ liable to pay GST on the interest received?

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Showing Replies 1 to 2 of 2 Records

1 Dated: 1-8-2019
By:- Ganeshan Kalyani

1. Yes, GST is applicable on the interest received. Debit should be raised by the supplier for the interest part. Here the interest is like penalty for not paying the dues in time.


2 Dated: 1-8-2019
By:- Ganeshan Kalyani

Refer Sri Kasturi Sir's reply to issue ID 115266 which is applicable to your first query.


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