Interest on unsecured loans
This query is : Resolved
Rakesh Sharma
(Querist)
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/-
---------------------
Total : Rs. 22,11,460/-
---------------------
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
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/-
---------------------
Total : Rs. 22,11,460/-
---------------------
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
(Expert)
17 April 2019
Interest and salary outside the purview of GST.
1 No need of GST registration.
2 Invoice can be issued.
1 No need of GST registration.
2 Invoice can be issued.
Message likes :
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Rakesh Sharma
(Querist)
19 April 2019
Thanks a lot sir for your valuable reply
CA R SEETHARAMAN
(Expert)
19 April 2019
You are welcome..............
Rakesh Sharma
(Querist)
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.
Should we take interest amount for calculating the aggregate turnover.
CA R SEETHARAMAN
(Expert)
20 April 2019
Interest need not be taken for aggregate turnover.
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