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- Whether the interest component of EMI of loan advanced by the Bank is exempt from GST ?
Whether the interest component of EMI of loan advanced by the Bank is exempt from GST ?
Issue Favourable to Tax Payer ?:- no
Held - From the terms and conditions of the offer of loan dated February 21, 2019 and February 28, 2019 it appears that the said offer was valid only for customers holding a Citi Bank Credit Card issued in India and who avail of a loan on their card digitally. It was further mentioned therein that the final loan amount will be subject to eligibility as per citi credit processing criteria. The loan amount was above the credit limit of the Citi .....
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