Interest on bank deposits


(Querist)
21 June 2019
Please clarify whether Interest Received on Bank Deposits (FD & SB) is part of Aggregate Turnover?
OR whether it is not regarded as Supply and not part of aggregate turnover?

Thanks & Regards


Udaya Chandran (Expert)
21 June 2019
Interest is received in the form of money and the "money" is neither goods nor services (Sec 2 (102)).

Since it is not considered as supply, it is not included in the aggregate turnover.

SANTHOSH KURIAN (Querist)
24 June 2019
Thank you for the reply Sir


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