Aggregate turnover crosses limit of 20 lakhs due to interest received

Umesh Bangari

20 Points Posted on 10 March 2018

If a taxable person whose product isn't exempt receives interest on savings account from bank that interest is taxable or not? And if person's aggregate turnover crosses limit of 20 lakhs due to interest received.Is that amount crossing limit of 20 lakhs is to be taxed or not?

Replies (1)

bhawna kumari

20 Points Posted on 11 March 2018

Interest from SB account is not supply. hence, not a part of aggregate turnover. Then why are you including it in your aggregate turnover and calculation of 20 lakhs limit is applied on aggregate turnover.
as per section 2 aggregate turnover includes ALL SUPPLIES, interest on SB account is not supply and therefore should not be used to calculate 20 lakhs limit.

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Aggregate turnover crosses limit of 20 lakhs due to interest received

Umesh Bangari

bhawna kumari

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Aggregate turnover crosses limit of 20 lakhs due to interest received

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