16 December 2017
Interest on deposit is an exempt supply as per Not. 12/2017 (Central Tax -Rate)- Serial No. 27; Hence there should be no reason to exclude it from GSTR1 as exempt supply;
16 December 2017
For common credit should be...and Mr. Raja what could be the reason for excluding it from exempt supply.. Do you have any legal supporting..
16 December 2017
Further please note that Section 2(102) of the CGST Act “services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged;
16 December 2017
Yes,Vishakha ma'am that is the issue that is can be said as service supplied to Bank (i.e Money) and in consideration we have recd. Interest so it should be shown in exempt supply in GSTR 1 and GSTR 3B also.
16 December 2017
There is no sales or service involved in Bank Interest. GST is applicable on Service Charges claimed by the Bank, but not on Interest... Interest is exempted supply and no GST applicable on it...
16 December 2017
As per Section 2(108) of the Central Goods and Services Tax (CGST) Act, 2017, unless the context otherwise requires, the term “taxable supply” means a supply of goods or services or both which is leviable to tax under this Act.
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