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Amount collected by Credit Society, Goods and Services Tax - GST

Issue Id: - 116040
Dated: 20-2-2020
By:- Kaustubh Karandikar
Amount collected by Credit Society

  • Contents

Credit Society “showing ‘other income’ in the balance sheet for

1) Processing Fee and loan application fee from customers.

2) Locker Rent

3) Commission from MSEB for accepting electricity bill payments from customers.

4) Interest on Gold Loan

5) commission on Daily Collection and Service Charges on daily recovery.

6) Charges on delayed repayment of loan

7) New Pass Book issue charges. Is the Credit Society required to pay GST on these amounts recovered?

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Posts / Replies

Showing Replies 1 to 2 of 2 Records

1 Dated: 20-2-2020
By:- Rajagopalan Ranganathan

Sir,

Yes, GST is payable except interest on gold loan.


2 Dated: 21-2-2020
By:- sarojni singh

Yes, you have to pay GST on everything you mention in your question Except Gold Loan Interest.


1

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