Proprietor's interest income on saving bank and fixed deposit

Is the interest on saving bank and fixed deposit earned in personal capacity a a proprietor of a proprietorship concern to be shown in any column of the GSTR 1 or GSTR 3B. In case not shown what is the remedy and is any penalty payable even though the interest income is exempt?

Replies (5)
no it is not required to be shown as it is not counted in turnover
I think it should be shown as exempt supply...
Not required to show in gst returns.
Interest earned from a local company or a local bank means that you have received a payment for a financial service’s exempt supply, which falls under Schedule IV of the Goods and Services Tax Act. The interest received will not be subject to GST. However, receipt of interest income will fall under “Income from other sources”, and income tax will have to be paid on it if you fall under its ambit.

True this is exempt income. However, do we have to show it in GSTR 1 of proprietorship concern under exempt supplies. These items are in personal name and therefore are not in the books of account of the proprietorship concern. They are not part of P&L account made for proprietorship concern and are taxed as income from other sources in income tax.

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
10 October 2026
Accounts Associate Level 1

Abic and Mani Chartered Accountants

Kottayam

B.Com

View Details
Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
31 October 2026
Accountants

sankaran and krishnan

New Delhi

B.Com

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
19 October 2026
Accountant

Jari Saree Center

New Delhi

Others

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 29 October 2026
Article Assistant (CA Inter / CMA Inter) - Thrissur

Varma Raja & Associates

Thrissur

CA Inter

View Details