17 December 2020
If a person who is in trading of furniture and having turnover of rs. 34 lacs in f.y. 2019-20 and he also have interest income from saving A/c and FDR of Rs. 2.50 lacs whether he is require to get GST registration because he got Interest income of Rs. 2.50 (Service income) and his total turnover exceeds Rs. 20 lacs in F.Y. 2019-20.
17 December 2020
Interest on savings and FD is not considered as business income , already you have 34 lacs turnover more than threshold limit for GST registration you need to register when you cross 20lacs
17 December 2020
But sir threshold limit for GST registration for manufacturers & trader is 40 lacs & 20 lacs for service then why we need to get registration
17 December 2020
Interest on bank deposits is not required to be added to aggregate turnover. In my view, it is not mandatory for you to get registration.
CAclubindia
