Ramesh Kumar Patodia Vs Citi Bank NA
Date: June 24, 2022
Subject Matter
Interest component of EMI of loan advanced by the bank is not exempted from GST
Summary
1. The expression “other than interest involved in credit card services” appearing under Serial No. 28 of the said notification carves out an exception by excluding the interest on credit card services from the purview of the said exempti…
1. The borrower has filed this Writ petition praying for a declaration that the interest component of the Equated Monthly Instalments (for short “EMI”) of the loan granted by the respondent Bank is exempted from levy of Integrated Goods and Service Tax (for short “IGST”) and for a direction upon the Bank and the IGST authorities to refund the IGST collected from the petitio…