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GST Turnover

17 June 2018

Hi,

If my sales is Rs 19.50 Lacs( within state) and having interest income of Rs 2.50 Lac..Will I need to register in GST?

Thanks

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22 Replies

Jatin (Accountant) (3479 Points)
Replied 17 June 2018

No.....

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Shivam RC (Student) (23683 Points)
Replied 17 June 2018

No Sir...

As per Section 2(6) of the CGST Act of 2017, -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.

Interest Income is not included in the definition of Aggregate Turnover Sir. Hence you are not liable to get registered under GST since your normal sales doesn't exceeds the prescribed threshold limit of ₹ 20 lakhs...

1 Like

Jatin (Accountant) (3479 Points)
Replied 17 June 2018

Very Good reply Mr. Shivam

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 17 June 2018

Yes , you are liable for registration as per notification 12/2017 CT (r) Interest is Exempted under GST and as per the defination of Aggregate Turnover in Section 2 CGST Act , exempted supplies are included to compute aggregate Turnover
plz read below:

[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 HB computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess;

1 Like

CA S Praveen Kumar Reddy (Chartered Accountant) (2195 Points)
Replied 17 June 2018

No not required

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Sanjay Singh (30 Points)
Replied 17 June 2018

thanks all for your reply...

one more query in this... bank gives interest on my deposit..will interest be treated as supply for me..

Jatin (Accountant) (3479 Points)
Replied 17 June 2018

No......

Sanjay Singh (30 Points)
Replied 17 June 2018

Mr Pankaj Rawat please comment on this

Vinod Babu (24191 Points)
Replied 17 June 2018

Normally Bank interest is received in Saving bank a/c not in current account. My point is that saving Account is for personal use. I don't think it comes under gst but it should be shown while filing income tax.