Gross receipt

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amol bramhankar

artical tranee

277 Points Joined July 2013

In Gross receipt for GST turnover for registration interest and remuneration, interest on unsecured loan consider

Replies (5)

CA. Chikkerur C R

PRACTICE

3584 Points Joined June 2008

No, passive income cannt be considered

Aggregate Turn over is the sum total of all supplies i. e. Taxable+Exempt+Non taxable+Export either on his own account or on account of somebody else. Interest and remuneration cannot be considered in this case

Ramya Bhat

254 Points Joined June 2018

Yes ..we can not take interest income and remunaration..
gross receipts includes taxble turnover+Mon taxble turnover+exempted+non supply..

amol bramhankar

artical tranee

277 Points Joined July 2013

Unsecured Loan interest is also not consider

CA Akshay Hiregange

Partner - Audit & Assistance

4825 Points Joined December 2018

Extract from ICAI BGM - Please be careful while considering aggregate turnover for the purpose of GST registration. (remuneration in terms of salary would not be included).

Inclusion of non-operational income for threshold limit: The inclusion of non-operational
income like interest income as ‘exempt supplies’ for the purpose of determining the
aggregate turnover for registration would bring into the forte a huge number of persons
who are otherwise undertaking only a minimal amount of supply. In case a person is
earning interest income from Fixed Deposit Receipts (FDR) of Rs. 15 Lakhs and a
Rental income from renting of immovable property of Rs. 6 Lakh, he would need to take
registration and collect GST on such supply of rental services.