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Gross receipt

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amol bramhankar

artical tranee

207 Points Posted on 22 July 2020

In Gross receipt for GST turnover for registration interest and remuneration, interest on unsecured loan consider

Replies (5)

Quick Summary

This discussion clarifies what income counts towards your GST aggregate turnover for registration purposes. Generally, it includes all taxable, exempt, non-taxable, and export supplies. However, passive income such as interest on unsecured loans, remuneration (like salary), and certain other non-operational income are typically excluded from this calculation. It's crucial to correctly determine your aggregate turnover to avoid unnecessary GST registration.

CA. Chikkerur C R

PRACTICE

3196 Points Posted on 22 July 2020

No, passive income cannt be considered

Vijayprakash P

776 Points Posted on 22 July 2020

Aggregate Turn over is the sum total of all supplies i. e. Taxable+Exempt+Non taxable+Export either on his own account or on account of somebody else. Interest and remuneration cannot be considered in this case

Ramya Bhat

205 Points Posted on 22 July 2020

Yes ..we can not take interest income and remunaration..
gross receipts includes taxble turnover+Mon taxble turnover+exempted+non supply..

amol bramhankar

artical tranee

207 Points Posted on 23 July 2020

Unsecured Loan interest is also not consider

CA Akshay Hiregange

Partner - Audit & Assistance

3708 Points Posted on 23 July 2020

Extract from ICAI BGM - Please be careful while considering aggregate turnover for the purpose of GST registration. (remuneration in terms of salary would not be included).

Inclusion of non-operational income for threshold limit: The inclusion of non-operational
income like interest income as ‘exempt supplies’ for the purpose of determining the
aggregate turnover for registration would bring into the forte a huge number of persons
who are otherwise undertaking only a minimal amount of supply. In case a person is
earning interest income from Fixed Deposit Receipts (FDR) of Rs. 15 Lakhs and a
Rental income from renting of immovable property of Rs. 6 Lakh, he would need to take
registration and collect GST on such supply of rental services.