WebJan 31, 2024 · Interest on loan given by any Individual- The definition of Supply under GST Act in section 7 requires that supply is made in the course or furtherance of business. … WebApr 7, 2024 · Here are the details: Loan Amount: ₹10,000 to ₹1 lakh. Loan Tenure: 3 to 12 months. Interest Rate: 10.49% to 22% p.a. Processing Fee: Up to 2% of loan amount + GST. Part prepayment and Foreclosure Charges: 5% of part prepayment amount or principal outstanding, respectively + GST. Eligibility: Age: 21 to 60 years.
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WebFeb 11, 2024 · In the past, service tax @15% was applicable on home loans. But GST has now subsumed service tax for almost all the goods and services, including home loans. … WebApr 12, 2024 · Kotak Mahindra Bank provides car loans up to 90% of the on-road price of a commercial vehicle to Indian residents earning a minimum monthly income of INR 15,000. The rate of interest on the bank ... redsift ondmarc
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WebAug 29, 2024 · So you are required to take the GST number in case your business or profession is even Rs 1 and your interest income is more than Rs 20 lakhs. Sum Up The GST valuation guidelines further provide that … WebGST on Personal Loans. In case of Personal Loans, the banks normally charge a processing fee of 1% to 2% of the loan amount. Therefore for a loan of Rs. 9 Lakhs, the processing fees would be Rs. 9000 (assuming it as 1%). On this Rs. 9,000, earlier service tax was levied @ 15% which is Rs. 1,350 but now GST @ 18% would be levied which is … WebApr 12, 2024 · But the fact of the matter is that the interest rates are dependent on factors such as repayment period, mortgage amount, financial lenders, gold amount, quality of gold, among others. This is compounded with GST on Gold Loan applicable on that interest rate, which varies from 2%-3%. red sign with line through it