Interest income for calculating aggregate turnover in gst

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Whether interest income earned by the co-operative banks have to be included Aggregate turnover calulation for GST registration liability purpose.

As per the definition of Aggregate turnover, aggregate turnover includes exempted supply. Interest collected by co-operative banks is Nil Rated services as per HSN Code 9971.

Please provide clarification

Replies (5)
yes, it's exempted income is considered to calculate aggregate Income for Registration.,,.....BUT... Not considered if wants to apply for composition Registration

As per Notification 1/2017 CT , St.13/10/2017

computation of aggregate turnover for determining eligibility to composition
scheme , value of supply of any exempt services including services by way of extending loans, advances or deposits will not be considered

I tried to search for the notification mentioned by you. I didn't find it. Can you please give correct notification details.

DEAR HEMANTH RANKA

SORRY ITS ORDER NO.01/2017 CENTRAL TAX DT. 13.10.2017 (F.NO.354/173/2017-TRU)

 

Thank you for the information sir.

YOU ARE ALWAYS WELCOME ...

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