Interest on bank fd
This query is : Resolved
20 April 2019
Whether interest income on fixed deposits with bank, is an exempted service and to be included in turnover limit for carrying out statutory audit under GST? Further, if it is an exempted service, whether proportionate ITC will be required to be reversed?
21 April 2019
Interest on FD is outside the purview of GST not to be included in turnover. No need of proportional reversal.
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