IGST law

Interest also will not be liable for GST, since, account has been defined in IGST law as an account bearing interest to the depositor, and includes a nonresident external account and a non-resident ordinary account Similarly, NBFC has been also defined and interest is the consideration, which is also received in money and money is excluded from the scope of supply of goods & services and hence interest will not be charged. New definition of ‘Account’ has been inserted which refers to bank account. It seems that “interest” may be exempted from payment of GST.


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