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Why is GST applied if I have an EMI on a credit card, even though interest is already being charged by the bank?
Why is GST applied if I have an EMI on a credit card, even though interest is already being charged by the bank?
Shyamal Modi, Tax Advocate | Financial Advisor | Virtual CFO
Answered on December 06,2022
Answered on December 06,2022
GST is levied on the interest charged by the card issuing company!
Use of money by credit or loan is a taxable service under GST chargeable @ 18%!
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