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GST Registration Limit
Is Interest on saving and fixed deposits treated as supply of service, if yes then limit of registration under GST ACT was 20 lacs, Is it correct or any other opinion pl.
Replies (2)
Quick Summary
Aggregate turn over 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. Rs. 20000.
Yes Interest on Savings and Fixed Deposits will be included in your Aggregate Turnover. Although they are exempted from GST vide Notification No. 12/2017 - Central Tax ( Rate ), dated 28.06.2017, but they will be included while calculating your Aggregate Turnover.
Aggregate Turnover as defined under Section 2(6) of the CGST Act 2017 INCLUDES :
(i). TAXABLE SUPPLIES.
(ii). "EXEMPT SUPPLY."
(iii). EXPORT OF GOODS or SERVICES.
(iv). BRANCH TRANSFER.
but EXCLUDES :
(i). TURNOVER on which TAX is payable under RCM basis.
(ii). CGST, SGST, UTGST, IGST and Cess.
NOTE : There's also an Advance Ruling regarding this matter given by Gujarat Authority for Advance Rulings.
Aggregate Turnover as defined under Section 2(6) of the CGST Act 2017 INCLUDES :
(i). TAXABLE SUPPLIES.
(ii). "EXEMPT SUPPLY."
(iii). EXPORT OF GOODS or SERVICES.
(iv). BRANCH TRANSFER.
but EXCLUDES :
(i). TURNOVER on which TAX is payable under RCM basis.
(ii). CGST, SGST, UTGST, IGST and Cess.
NOTE : There's also an Advance Ruling regarding this matter given by Gujarat Authority for Advance Rulings.
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