GST Registration

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This discussion clarifies whether a furniture trader with a turnover of Rs. 34 lacs and Rs. 2.50 lacs in interest income needs GST registration. While the turnover exceeds the Rs. 20 lacs threshold for traders, interest income from savings accounts and fixed deposits is not considered business income and doesn't count towards aggregate turnover. Therefore, registration is not mandatory based on these figures.

DEVI SINGH PARIHAR

DEVI SINGH PARIHAR (Querist)

17 December 2020 If a person who is in trading of furniture and having turnover of rs. 34 lacs in f.y. 2019-20 and he also have interest income from saving A/c and FDR of Rs. 2.50 lacs whether he is require to get GST registration because he got Interest income of Rs. 2.50 (Service income) and his total turnover exceeds Rs. 20 lacs in F.Y. 2019-20.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

17 December 2020 Interest on savings and FD is not considered as business income , already you have 34 lacs turnover more than threshold limit for GST registration you need to register when you cross 20lacs

DEVI SINGH PARIHAR

DEVI SINGH PARIHAR (Querist)

17 December 2020 But sir threshold limit for GST registration for manufacturers & trader is 40 lacs & 20 lacs for service then why we need to get registration

Lekhraj sood

Lekhraj sood (Expert)

17 December 2020 Interest on bank deposits is not required to be added to aggregate turnover. In my view, it is not mandatory for you to get registration.

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