REGARDING GST APPLICABILITY IN CASE OF INTEREST AND REMUNERATION
This query is : Resolved
29 October 2022
Mr.A has contract income of Rs.16 lakhs for the financial year 2021-22. He has interest and remuneration total of Rs. 13.25 lakhs. The aggregate total including interest and remuneration exceeds 20 lakhs limit of GST. Whether Mr. A is liable for GST registration or not ?
29 October 2022
Whether the interest & remuneration are from partnership firm, as being partner of the firm?
29 October 2022
Yes interest and remuneration received from partnership firm. He is partner in the firm
29 October 2022
Such remuneration & interest is in substance nothing but share of profit and being transaction in money / application of money, it shall be outside the scope of supply. So, it is excluded from the definition of goods (Sec 2(52) of the CGST Act) and services (Sec 2(102) of the CGST Act) and thus distribution of share of profit by a firm to its partners would be non-supply / outside scope of supply and thus would not be included in the aggregate turnover of the partner.
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