Interest on Income earned through mutual funds return
This query is : Resolved
07 November 2019
We are partnership firm doing business of retailing and registered in GST, we invest our surplus capital in mutual fund liquid funds and earn interest / income from the same.
Is their any GST liability on income earned through above mentioned liquid fund. Please let me know under which clause is this income exempt. (If its exempt) or what is GST liability on it.(in any)
Is their any GST liability on income earned through above mentioned liquid fund. Please let me know under which clause is this income exempt. (If its exempt) or what is GST liability on it.(in any)
15 November 2019
Interest income does not attract GST because it is an input taxed sale
But Receipt of Interest income is your Income under the head “Income from other sources” on which you shall be required to pay Income tax if you come in the ambit.
But Receipt of Interest income is your Income under the head “Income from other sources” on which you shall be required to pay Income tax if you come in the ambit.
15 November 2019
Thanks for the reply, but would interest income be added in our turnover and hence we have to leave proportionate GST ITC.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- Type of Capital Gain
- Booth for sales promotion
- Exiting partner in partnership firm in gst portal
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- ITR-Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
