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Does bank interest shown in gstr 1 return as non gst supply?

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Audit Manager
36 Points Joined October 2009

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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On 11 April 2019 at 17:21 Report
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Executive
74 Points Joined July 2009
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.
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On 11 April 2019 at 19:37
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GST Practitioner
55067 Points Joined June 2017
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
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On 12 April 2019 at 00:18

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