GST on Interest on Security Deposit

[Arunabha Biswas]

Dear All,

I am looking for an opinion on the applicability of GST on interest on Security Deposit. The Security Deposit is paid by agents to a Company for availing the credit limit to do business. Every quarter end interest is paid on the Security deposit by the Company based on the Security Deposit balance in books. The agents raise an invoice on the company for claiming the interest.

My query is whether GST would be charged on the bills raised by the agents on the Company.

Regards,

CA Arunabha Biswas

 

[VIDYA JAIN]

If the security depoait is adjustable with invoice then you are liable to GST. Otherwise its in nature od deposit so interest thereon is not liable

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[Sajjan Kedia]

In my view the interest payment on refundable SD will not attract GST.

Thanks and Regards
S R Kedia & Co
Your Kar Mitr
9831563168

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[CA. S K Mishra]

The said transaction will be treated as transaction in money, hence exempted from GST




S K Mishra
Mob No. 9805072910
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From: "\'Arunabha Biswas\' via forum4ca" <foru...@googlegroups.com>
Sent: Thu, 05 Oct 2017 12:43:51
To: Forum4ca PDRungtaji <foru...@googlegroups.com>, "foru...@googlegroup.com" <foru...@googlegroup.com>
Subject: [CA RUNGTA PD] GST on Interest on Security Deposit
 

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[CA. Rohan Mehta]

I am also of the same opinion, transaction in money not liable for GST.

On Oct 6, 2017 10:51 AM, "CA. S K Mishra" <sur...@rediffmail.com> wrote:

The said transaction will be treated as transaction in money, hence exempted from GST




S K Mishra
Mob No. 9805072910
--------------------------------------------------------------------------------------------------------------------------------------------------
This message (including any attachments) is confidential and may be privileged. If you have received it by mistake please notify the sender by return e-mail and delete this message from your system. Any unauthorized use or dissemination of this message in whole or in part is strictly prohibited. The sender shall not be liable for the improper or incomplete transmission of the information contained in this commu- nication nor for any delay in its receipt or damage to your system. Further it does not guarantee that the integrity of this communication has been maintained nor that this communication is free of viruses, interceptions or interference.


From: "\'Arunabha Biswas\' via forum4ca" <foru...@googlegroups.com>
Sent: Thu, 05 Oct 2017 12:43:51
To: Forum4ca PDRungtaji <foru...@googlegroups.com>, "foru...@googlegroup.com" <foru...@googlegroup.com>
Subject: [CA RUNGTA PD] GST on Interest on Security Deposit
 

Dear All,

 

I am looking for an opinion on the applicability of GST on interest on Security Deposit. The Security Deposit is paid by agents to a Company for availing the credit limit to do business. Every quarter end interest is paid on the Security deposit by the Company based on the Security Deposit balance in books. The agents raise an invoice on the company for claiming the interest.

 

My query is whether GST would be charged on the bills raised by the agents on the Company.

 

Regards,

 

CA Arunabha Biswas

 

 

 

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forum4ca is a Google Group of eServe online for the benefit of CA and other professionals. It is especially meant for written discussion & circulate information within group members. The mail may contain such research/advice/opinion/information/fact provided by any member and are subject to the accuracy and of the description of facts.The forum4ca, do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant facts. Further this Group’s Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Group.
 
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[sanwar mal Agarwalla]

GST is payable on realisation of interest amount. 

Regards

Sanwar Mal Agarwalla