XYZ is a commercial Cooperative Society. Society is investing the excess fund in fixed deposit and in mutual funds and receiving the interest/dividend. Are they required to pay GST on it. If no, are they required to reduce ITC to the extent of this exempt income?
Frah Saeed Answered question August 17, 2020
No GST being exempt supply. Further as per Explanation below Rule 43 Intt on FDR will not be included in the exempt supply computed for the purpose of ITC reversal.
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Frah Saeed Answered question August 17, 2020