Interest income for calculating aggregate turnover in gst

HEMANTH RANKA (Tax & Financial Consultants)   (360 Points)

12 July 2018  

Whether interest income earned by the co-operative banks have to be included Aggregate turnover calulation for GST registration liability purpose.

As per the definition of Aggregate turnover, aggregate turnover includes exempted supply. Interest collected by co-operative banks is Nil Rated services as per HSN Code 9971.

Please provide clarification