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int earned on fixed deposit whether part of turnover under GST
Kindly clarify whether interest earned on fixed deposit forms part of turnover under GST
Replies (2)
No, interest earned on fixed deposit is not a part of turnover under GST ,
In GST aggregate turnover means the aggregate value of all taxable supplies (excluding paid under RCM) , exempt supply, export of goods or service, or both , inter-state supply of persons having the same pan to be computed on all India basis but excludes central Tax , state Tax , UTGST , IGST etc .
but interest from bank is exempt
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