Interest on unsecured loans

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This query is : Resolved

Rakesh Sharma (Querist)
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17 April 2019 Dear Experts,

One of my friend having below income in f.y. 18-19 :-
1) Salary recd. - Rs. 12,56,560/-
2) Commission recd. - Rs. 1,12,500/-
3) Interest recd. on Unsecured Loans - Rs. 8,42,400/-
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Total : Rs. 22,11,460/-
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1) Whether he require to take GST Registration?
2) Whether he issue any invoice for commission & interest.
3) While calculating aggregate turnover should he add Interest, commission & salary
or only commission & interest.

Please advise

Rakesh Sharma

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 April 2019 Interest and salary outside the purview of GST.
1 No need of GST registration.
2 Invoice can be issued.

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Rakesh Sharma

Rakesh Sharma (Querist)
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19 April 2019 Thanks a lot sir for your valuable reply

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 April 2019 You are welcome..............

Rakesh Sharma

Rakesh Sharma (Querist)
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19 April 2019 Sir, if interest on unsecured loan amount & commission received amount crossed the threshold limit for mandatory GST Registration.
Should we take interest amount for calculating the aggregate turnover.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 April 2019 Interest need not be taken for aggregate turnover.

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