Interest on bank deposits
This query is : Resolved
21 June 2019
Please clarify whether Interest Received on Bank Deposits (FD & SB) is part of Aggregate Turnover?
OR whether it is not regarded as Supply and not part of aggregate turnover?
Thanks & Regards
OR whether it is not regarded as Supply and not part of aggregate turnover?
Thanks & Regards
21 June 2019
Interest is received in the form of money and the "money" is neither goods nor services (Sec 2 (102)).
Since it is not considered as supply, it is not included in the aggregate turnover.
Since it is not considered as supply, it is not included in the aggregate turnover.
24 June 2019
Thank you for the reply Sir
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