Aggregate turnover

First of I say Sorry Mr. Anshul Agarwal...

Bcoz, As per my view Receipt of Bank interest is not calculated under T/O head...


But,
Wait on further replies from our Experts...
Bcoz, Some of Experts will be reply it's calculated under aggregate Turn Over. Based on the following


Aggregate turnover

The expression ‘aggregate turnover’ is used in GST provisions in many a place.  The expression ‘aggregate turnover’ is defined in Section 2(6) of the Central Goods and Services Tax Act, 2017(‘Act’ for short) as the aggregate value of-

Bank interest is not turnover in my opinion.

As per my opinion interest income from bank should not be included in turnover.

Anshul G,

Bank Interest is not included in Turnover. Bank Interest is the part of other income.

Turnover as per CGST Act “aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess."

Bank Interest Received is not a income which you receive by supply of Goods or Services. 

thanks rahul. it is not supply so cannot form part of t/o

Originally posted by : Parminder Singh
	thanks rahul. it is not supply so cannot form part of t/o

Most Welcome Parminder G

Very Good Mr. Rahul Prajapathi....

But.,

I think You are changed in recently. Bcoz, Some of the previous queries you can't accepted my reply as per above (Bank Interest not calculated in T/O)...

Am I right...?

Originally posted by : Parminder Singh
	thanks rahul. it is not supply so cannot form part of t/o

 

Yes... Very Good Understand Dear...

Simply Siad... It's not a Supply.....!!!

Originally posted by : RAJA P M
	Very Good Mr. Rahul Prajapathi.... But., I think You are changed in recently. Bcoz, Some of the previous queries you can't accepted my reply as per above (Bank Interest not calculated in T/O)... Am I right...?

Thank You sir,

Sorry Sir, but I have not reply in any querry regarding Bank Interest not calculated in T/O...............

Or I didnt remember
 

 

Oh God...

(Sorry Sir, but I have not reply in any querry regarding Bank Interest not calculated in T/O............... Or I didnt remember)

Sorry Dear.,

I think I wrongly assumed as You...

Originally posted by : RAJA P M
	Oh God... (Sorry Sir, but I have not reply in any querry regarding Bank Interest not calculated in T/O............... Or I didnt remember) Sorry Dear., I think I wrongly assumed as You...

Ok

Saving Bank Interest is a kind of personal income. It cannot be included in Turnover as it is not received as a part of business transaction.

I've been to many GST seminars and penal discussions and I've come to know from learned CA's in the field of indirect taxes that Interest income shall form part of Aggregate turnover, unlike service tax regime where it was explicitly excluded. 

Originally posted by : niraj
	I've been to many GST seminars and penal discussions and I've come to know from learned CA's in the field of indirect taxes that Interest income shall form part of Aggregate turnover, unlike service tax regime where it was explicitly excluded.

Nothing can override Act, 

Read CGST Act 2017, Chapter-1 Preliminary

Definition Point No. 112