Whether Interest on Fixed Deposit is to be considered as Exempt Supply under GST and propotionate ITC on GST needs to be reversed with respect to Fixed Deposit Interest Income under Rule 42 of CGST Rules, 2017?
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Itc reversal on fixed deposit interest under gst act
Replies (2)
Yes you need to reverse. But subsequently their is notifications issued where in 21 st jan onward. Interest on fd would not be part of exempt supply.
sir,
can you give me the notification no for the same?
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