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Rajat jain (student)     07 May 2021

Related to interest income

if a individual Register in GST and having business income and he also earn interest income (from saving account , loan given to others) so whether he is required to show that income in his GSTR 1 and 3b. if yes then in which column he is required to show that income.


 18 Replies

Sourav

Sourav (Student)     07 May 2021

No interest income should not be shown in GSTR 1 and 3B
manikanta juluri

manikanta juluri (student)     08 May 2021

Interest income not shown in GSTR-1 and GSTR-3B, but intereste income from Loan given to others should be shown in Income from Other Sources in Income Tax
Pankaj Rawat

Pankaj Rawat (GST Practitioner)     09 May 2021

In term of Notification 12 CT (r) , interest from saving or interest on loan is Exempted under GST.

Hence as accordingly reported in table 8 of GSTR 1.
Lotus Choudhary

Lotus Choudhary   09 May 2021

No it will not be shown in either GSTR-1 or 3B.
Sourav

Sourav (Student)     09 May 2021

Agreed
Rajat jain

Rajat jain (student)     09 May 2021

@ pankaj rawat ji it's also show in 3b also
Pankaj Rawat

Pankaj Rawat (GST Practitioner)     09 May 2021

Then why it is being considered while filing annual return GSTR 9 & GSTR 9C.

I knew in normal practice nobody report such incomes, i myself do not follow the same, but this doesn't mean that it is not mandatory as it is cover under supply in term of section 7 cgst act. 

So by law it need to be reported.

Rajat jain

Rajat jain (student)     09 May 2021

It is a exempted income under GST so it includes in turnover
Pankaj Rawat

Pankaj Rawat (GST Practitioner)     09 May 2021

yes correct Mr. Rajat Jain & fully agree with you

Pankaj Rawat

Pankaj Rawat (GST Practitioner)     09 May 2021

@ rajat

yes need to be reported in both gstr-1 & 3b

Rajat jain

Rajat jain (student)     09 May 2021

We report it as a annually or when the interest credited in our account..
Pankaj Rawat

Pankaj Rawat (GST Practitioner)     09 May 2021

better when it is credited

Rajat jain

Rajat jain (student)     09 May 2021

Thank u @ pankaj ji
can u explain the accounting entry under GST
Anshuman Basu

Anshuman Basu (account -GST)     10 May 2021

@ pankaj sir thanks for your valuable replies. I personally don't show our interest income, now question is should we consider to show interest income in GSTR 1 and 3b in April 21

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