GST not exempt on interest component of EMI of Credit Card loan

Ramesh Kumar Patodia Vs Citi Bank NA and Ors. (Calcutta High Court) IGST is leviable on the interest component of EMI of loan advanced by the Bank through credit card The Hon’ble Calcutta High Court in Mr. Ramesh Kumar Patodia v. Citi Bank NA & Ors. [WPO 547 of 2019 dated June 24, 2022] held that interest component of Equated Monthly Instalments (“EMI”) of the loan, through credit card services by a bank, attracts payment of Integrated Goods and Service Tax (“IGST”). Facts: Mr. Ramesh Kumar Patodia (“the Petitioner”) is a holder of a valid credit card issued by Citi Bank (�...