Practicing CA
7756 Points
Joined November 2011
yes you have to apply for registration as your aggregate turniver exceedds 20lakhs (threshold limit for registartion) ( other than north-east state)
“Aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess
and
Interest received from a local bank is payment for an exempt supply of financial service