General Knowledge · Taxation / GST Regulations
Under the Goods and Services Tax (GST) framework applicable to the financial sector in India, which of the following specific receipts by a scheduled commercial bank constitutes a taxable supply under the CGST Act and attracts GST?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Dividend income received by the bank from its equity investments in subsidiary companies.
- 2Discounting charges earned by the bank on the purchase of a bill of exchange.
- 3Additional interest or liquidated damages charged by the bank to a borrower for late payment of a loan installment.✓
- 4Interest earned on a three-year fixed deposit held by a senior citizen.
Correct answer
Additional interest or liquidated damages charged by the bank to a borrower for late payment of a loan installment.
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