GST Turnover

No.....

No Sir...

As per Section 2(6) of the CGST Act of 2017, -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.

Interest Income is not included in the definition of Aggregate Turnover Sir. Hence you are not liable to get registered under GST since your normal sales doesn't exceeds the prescribed threshold limit of ₹ 20 lakhs...

Very Good reply Mr. Shivam

Yes , you are liable for registration as per notification 12/2017 CT (r) Interest is Exempted under GST and as per the defination of Aggregate Turnover in Section 2 CGST Act , exempted supplies are included to compute aggregate Turnover
plz read below:

[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 HB computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess;

No not required

thanks all for your reply...

one more query in this... bank gives interest on my deposit..will interest be treated as supply for me..

No......

Mr Pankaj Rawat please comment on this

Normally Bank interest is received in Saving bank a/c not in current account. My point is that saving Account is for personal use. I don't think it comes under gst but it should be shown while filing income tax.

Dear Sanjay

Yes FD interest is supply & exempted
as service supplied to Bank (i.e Money) and in consideration we have recd. Interest

As per section 2(102)

"SERVICES" MEANS ANYTHING OTHER THAN GOODS, MONEY & SECURITIES BUT, INCLUDES ACTIVITIES RELATING TO THE USE OF MONEY OR ITS CONVERSATION BY CASH OR BY ANY OTHER MODE FROM OR FORM CURRENCY OR DENOMINATION TO ANOTHER FORM CURRENCY OR DENOMINATION FOR SEPRATE CONSIDERATION IS CHARGED

And

As per NOTIFICATION 12/2017 CT (RATE), its exempted

Mr Pankaj Rawat please comment on this Read more at: https://www.caclubindia.com/forum/gst-turnover-467967.asp Dear Sanjay As per the defination Services in Section 2(102) its supply , & As per Noti. 12/2017 CT (R) , Its exempted Service supplied to Bank (ie money) & in consideration reced interest

Dear Sanjay Yes FDR interest is exempted supply As per defination Services define in Section 2(102) Cgst Act its a service & As per Noti.12/2017 Ct (r), its exempted

Dear Sanjay Yes FDR interest is exempted supply As per defination Services define in Section 2(102) Cgst Act its a service & As per Noti.12/2017 Ct (r), its exempted

Dear Sanjay Yes FDR interest is exempted supply As per defination Services define in Section 2(102) Cgst Act its a service & As per Noti.12/2017 Ct (r), its exempted