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Interest Income not an Exempt Supply for ITC Reversal w.e.f. 01.07.2017

October 22, 2018[2018] 98 taxmann.com 241 (Article)
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In business entities which are engaged in manufacturing and service sector, many a times surplus money left which is invested for the time being in interest bearing investments. From the said investment activities, interest income is earned. In GST, it is called ‘supply of service by way of extending deposits, loans or advances against consideration in form of interest’ (“Interest Supply”). Interest Supply is exempted from GST chargeability.
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