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GST 20 lakhs limit includes FDR interest or not

Ranjan Verma (11 Points)

24 September 2018

If an assesee earns 18 lakhs rent & 2.5 lakhs interest on FDR's does he needs to register with gst or not

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Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 24 September 2018

It's TO exceed. And FD interest not covered under Aggregate Turnover for calculation of turnover.

It's applicable on Value of Goods or Services you made supply.

In FDR you receive service from Banks or Post Office.

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subhagan sreerangam (7039 Points)
Replied 24 September 2018

clarification is better

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Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 25 September 2018

As per sectiion 2 CGST Act

[6] "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;

And As per Notification 12/2017 the Interest income is exempted supply in GST

hence as per the defination of Aggregate Turnover Exempted supply is included , so in your case he cross the threshold limit , registration is mandatory

Note : I assume the rental income is from commercial property

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