If an assesee earns 18 lakhs rent & 2.5 lakhs interest on FDR's does he needs to register with gst or not
7 Replies
Rohit Tibrewal
(Student & Senior Accountant)
(3193 Points)
Replied 24 September 2018
It's TO exceed. And FD interest not covered under Aggregate Turnover for calculation of turnover.
It's applicable on Value of Goods or Services you made supply.
In FDR you receive service from Banks or Post Office.
It's applicable on Value of Goods or Services you made supply.
In FDR you receive service from Banks or Post Office.
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 25 September 2018
As per sectiion 2 CGST Act
[6] "aggregate turnover" means the aggregate value of all taxable supplies [excluding the value of inward supplies on which tax is payable by a person on reverse charge basis], exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess;
And As per Notification 12/2017 the Interest income is exempted supply in GST
hence as per the defination of Aggregate Turnover Exempted supply is included , so in your case he cross the threshold limit , registration is mandatory
Note : I assume the rental income is from commercial property
[6] "aggregate turnover" means the aggregate value of all taxable supplies [excluding the value of inward supplies on which tax is payable by a person on reverse charge basis], exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess;
And As per Notification 12/2017 the Interest income is exempted supply in GST
hence as per the defination of Aggregate Turnover Exempted supply is included , so in your case he cross the threshold limit , registration is mandatory
Note : I assume the rental income is from commercial property
Rohit Tibrewal
(Student & Senior Accountant)
(3193 Points)
Replied 25 September 2018
Wrong reply - Not consider my reply,
Pankaj Sir is correct with the clarification of Notification 12/2017-CT
Pankaj Sir is correct with the clarification of Notification 12/2017-CT
sudarshan
(CA)
(745 Points)
Replied 26 September 2018
What is the use of registration if GST is not payable on interest income?
Rohit Tibrewal
(Student & Senior Accountant)
(3193 Points)
Replied 26 September 2018
For turnover exceeding 20 lakh you need to deposit tax. @ Sudarshan
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 26 September 2018
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