Does Interest on FD is my Outward Supply? if yes, Please give clarification. Do i need to show it in GSTR 1?
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Does bank interest shown in gstr 1 return as non gst supply?
Replies (2)
Interest is exempted supply and noGST applicable on it. Interest received from a local entity (e.g. local bank and local company) is payment for an exempt supply of financial service isunder the 4th Schedule of GST Act. You do not need to account for GST on the interest received.
As entry No. 27, of Notification 12/2017 CT (r) it's Nil Rated
Hence can be reported as Nil rated under table 8 of GSTR1
Hence can be reported as Nil rated under table 8 of GSTR1
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