Consideration represented by way of Borrowing Cost received from members to whom loan was sanctioned, amounts to Taxable supply
Levy of GST— In the instant case, applicant is a co-operative society. Question raised for advance ruling is as follows—
"Whether consideration represented by way of Borrowing Cost received from members to whom loan was sanctioned, amounts to Taxable supply."
According to Business Dictionary “The total charge for taking on a debt obligation that can involve interest payments and other financing fees.”
Held that— consideration represented by way of Borrowing Cost received from members to whom loan was sanctioned is not covered under entry no. 27 of Notification No. 12/2017. Accordingly, consideration represented by way of Borrowing Cost received from members to whom loan was sanctioned, amounts to Taxable supply.
Consideration represented by way of Borrowing Cost received from members to whom loan was sanctioned, amounts to Taxable supply
Levy of GST— In the instant case, applicant is a co-operative society. Question raised for advance ruling is as follows—
"Whether consideration represented by way of Borrowing Cost received from members to whom loan was sanctioned, amounts to Taxable supply."
According to Business Dictionary “The total charge for taking on a debt obligation that can involve interest payments and other financing fees.”
Held that— consideration represented by way of Borrowing Cost received from members to whom loan was sanctioned is not covered under entry no. 27 of Notification No. 12/2017. Accordingly, consideration represented by way of Borrowing Cost received from members to whom loan was sanctioned, amounts to Taxable supply.