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Interest income under GST
Whether Interest income earned from banks and from loans to other person, need to consider for aggregate turnover calculation?
Replies (6)
Yes, if its your business.
No, of its your investment.
Any specific provision sir?
Definition of supply under GST ..... " ..... In furtherance/course of Business ......."
ok sir. thank you
Even though it's earned towards non business activities , it's added to your aggregate Turnover calculation .
As per definition of Aggregate Turnover in section 2(6) CGST act it includes Exempted Income & As per Notification 12/2017 CT (R) , interest income from bank is Exempted.
Note : To calculate the threshold limit for composition dealer it's excluded by Order 1/2017 CT GST
As per definition of Aggregate Turnover in section 2(6) CGST act it includes Exempted Income & As per Notification 12/2017 CT (R) , interest income from bank is Exempted.
Note : To calculate the threshold limit for composition dealer it's excluded by Order 1/2017 CT GST
@ pankaj sir, in that case no one can opt for composition according to that order. Beacuse mostly every dealer have atlease 1 saving bank account which generates interest income.
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