I seek your guidance on one point where I understand your view is that interest on bank FDs, being exempt, should be reported in GST returns.

With due respect, my understanding is that FD interest is exempt under Entry 27(a) of Notif. 12/2017-CT (Rate), but the bank is the supplier of the service, and the depositor is only the recipient. Since the depositor does not make any outward supply as per Sections 7 and 2(83), and no invoice is issued (Rule 46), I do not advise reporting the same in GSTR-1/3B/9. CBIC Circular 12/12/2017-GST appears relevant only for aggregate turnover threshold under Section 2(6).

I would appreciate your thoughts on whether GST returns, being transaction-based, can require reporting of such receipts.