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Interest income for calculating aggregate turnover in gst

1513 views 5 replies

HEMANTH RANKA

Tax & Financial Consultants

360 Points Joined July 2014

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)

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

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