GST - Aggregate Turnover

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201 Points Posted on 09 March 2020
Sir/Mam,
Does Interest received on fixed deposit added for calculating Aggregate turnover?
If so, on whose aggregate turnover it should be added? In the turnover of bank or recipient?
However interest payment is exempt supply for banking companies, then why should it be added to recipient?
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On 09 March 2020 at 12:01 Report
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Quick Summary
This discussion clarifies whether interest received on fixed deposits is included in the calculation of aggregate turnover for GST purposes. It confirms that interest income, including exempt supplies, generally forms part of the recipient's aggregate turnover, unless it falls under Schedule III transactions. The consensus is that it is added to the customer's aggregate turnover, not the bank's.

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"Do the Right Thing...!!!"
128157 Points Posted on 09 March 2020
No... It's not including in the aggregate turn over.
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On 09 March 2020 at 12:15
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49 Points Posted on 09 March 2020
It will we concider in ATO as defination it self says all supply of good and services or both
it includes exempt supply even go further it includes non taxable supply also
Only it does not includea is Sch III transaction
it added in cutomer ATO and
if he is composite supply then it will be not added in Turnover concept
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On 09 March 2020 at 18:49

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