Clarification on Taxability of Loans Granted Between Related Persons or by an Overseas Affiliate to Its Indian Affiliate | Circular
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Circular No. 218/12/2024-GST dated June 26th, 2024
The CBIC has issued circular to clarify that in cases where no consideration is charged by the person from the related person, or by an overseas affiliate from its Indian party, for extending loan or credit, other than by way of interest or discount, it cannot be said that any supply of service is being provided and there is no question of levy of GST on the same.
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