Aggregate turnover under Gst

Murugan G,

Bank Interest and income from mutul fund is not included in Turnover. It 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.  

 

Originally posted by : r murugan
	Thank you very much Rahul G.....

Most Welcome

Sorry to bother you  Pankaj G,

But as i know and read the definition of Turnover under CGST Act, it does not include interest.

Can You provide me link of Notification so that i can update myself.
 

Originally posted by : Pankaj Rawat
	But it includes exempted supply

You mean to say Interest on FD is Supply of goods and services ?

Yes, as service supplied to Bank (i.e Money) and in consideration we have recd. Interest so it should be shown in exempt supply in GSTR 1 and GSTR 3B also.

Rahuj ji kindly refer section 2(102) also

"SERVICES" MEANS ANYTHING OTHER THAN GOODS, MONEY & SECURITIES BUT, INCLUDES ACTIVITIES RELATING TO THE USE OF MONEY OR ITS CONVERSATION BY CASH OR BY ANY OTHER MODE FROM OR FORM CURRENCY OR DENOMINATION TO ANOTHER FORM CURRENCY OR DENOMINATION FOR SEPRATE CONSIDERATION IS CHARGED

LINK :FOR NOTIFICATION 12/2017 CT (RATE)

https://www.cbec.gov.in/htdocs-cbec/gst/central-tax-rate-notfns-2017

Originally posted by : Pankaj Rawat
	Yes, as service supplied to Bank (i.e Money) and in consideration we have recd. Interest so it should be shown in exempt supply in GSTR 1 and GSTR 3B also. Rahuj ji kindly refer section 2(102) also

I dont think so, that it should be included in Turnover.

Need Expert Advice. @ RAJA PM G @ DHIRAJLAL G

Please forward me link of that notification so that i can read.

Originally posted by : Pankaj Rawat
	Yes, as service supplied to Bank (i.e Money) and in consideration we have recd. Interest so it should be shown in exempt supply in GSTR 1 and GSTR 3B also. Rahuj ji kindly refer section 2(102) also

I think you have made changes in this ?

RAHUL JI

KINDLY READ 

1.SECTION 2(6) CGST, AGGREGATE TURNOVER DEFINATION (WHICH INCLUDES EXEMPTED SUPPLY)

2. KINDLY READ DEFINATION OF SERVICES SECTION 2(102)

3. KINDLY REFER NOTIFICATION 12/2017 CT (RATE)

PLZ GO THROUH THE ABOVE U WILL GET IT WHAT EXACTLY IAM SAYING