No GST On Interstate Loans Granted To Credit Card Holders, Says Calcutta High Court

A loan transaction between a credit card holder and a bank without any nexus to the credit card is not chargeable to Integrated GST, the Calcutta High Court has held. The high court said so in an appeal filed by Kolkata-based Ramesh Kumar Patodia against Citibank. The Tamil Nadu branch of CitiBank had granted a loan to the tune of Rs 6,50,000 to Patodia since he was a credit card holder with the b…