Interest income on extending loans is exempt under GST Entry 27, but exemption claims require documentary proof.
Interest income on extending loans is exempt under GST Entry 27, but exemption claims require documentary proof. Issue Whether the disputed turnover of ~₹3.52 crores reported in GSTR-1/3B for FY 2017–18 qualifies for GST exemption under Entry 27 of Notification No. 12/2017-Central Tax (Rate) as interest on deposits, loans, or advances, and whether the assessee… Read More »