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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.
Replies (18)
Quick Summary
No interest income should not be shown in GSTR 1 and 3B
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
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.
Hence as accordingly reported in table 8 of GSTR 1.
No it will not be shown in either GSTR-1 or 3B.
Agreed
@ pankaj rawat ji it's also show in 3b also
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.
It is a exempted income under GST so it includes in turnover
yes correct Mr. Rajat Jain & fully agree with you
@ rajat
yes need to be reported in both gstr-1 & 3b
We report it as a annually or when the interest credited in our account..
better when it is credited
Thank u @ pankaj ji
can u explain the accounting entry under GST
can u explain the accounting entry under GST
@ 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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