Interest on FD
Kunal Pansari (Accountant) (1037 Points)
02 May 2018
Is interests received on FD shown as exempt supply in GST?
Kunal Pansari (Accountant) (1037 Points)
02 May 2018
RAJA P M
("Do the Right Thing...!!!")
(127553 Points)
Replied 02 May 2018
Kunal Pansari
(Accountant)
(1037 Points)
Replied 02 May 2018
Pankaj Rawat
(GST Practitioner)
(55037 Points)
Replied 02 May 2018
Pankaj Rawat
(GST Practitioner)
(55037 Points)
Replied 02 May 2018
RAJA P M
("Do the Right Thing...!!!")
(127553 Points)
Replied 02 May 2018
Pankaj Rawat
(GST Practitioner)
(55037 Points)
Replied 02 May 2018
Pankaj Rawat
(GST Practitioner)
(55037 Points)
Replied 03 May 2018
CBEC vide Order No. 01/2017-Central Tax dated
13th October, 2017 has clarified that a person
supplying any exempt services including services
by way of extending deposits, loans or advances in
so far as the consideration is represented by way of
interest or discount, shall not be ineligible for the
composition scheme. In computing his aggregate
turnover in order to determine his eligibility for
composition scheme, value of supply of the exempt
services including services by way of extending
deposits, loans or advances shall not be taken into
account.
So As Above notification interest is added to get aggregate turnover.
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 03 May 2018
https://www.quora.com/in/Is-GST-applicable-on-interest-in-bank-FDs-also
https://www.axisbank.com/progress-with-us/invest/how-will-gst-affect-your-investments
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 03 May 2018
The above said notifications applicable who can act a Finance company or Money lender or any others...
It's not affected in Banks and POs FD Interests and SB interest....
"Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
