Interest on FD
Kunal Pansari (Accountant) (1037 Points)
02 May 2018
Is interests received on FD shown as exempt supply in GST?
13 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 02 May 2018
No... It's not a Supply...
No need to Show it anywhere in GST returns.
No need to Show it anywhere in GST returns.
Kunal Pansari
(Accountant)
(1037 Points)
Replied 02 May 2018
May I have your whatsapp number sir. Need to show you something regarding my query.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 02 May 2018
As per section 2(102) cgst act
"SERVICES" MEANS ANYTHING OTHER THAN GOODS, MONEY & SECURITIES BUT, INCLUDES ACTIVITIES RELATING TO THE USE OF MONEY OR ITS CONVERSATION BY CASH OR BY ANY OTHER MODE FROM OR FORM CURRENCY OR DENOMINATION TO ANOTHER FORM CURRENCY OR DENOMINATION FOR SEPRATE CONSIDERATION IS CHARGED
Its exempted by Notification 12/2017( CT (R)
As Per SECTION 2(6) CGST, AGGREGATE TURNOVER DEFINATION (WHICH INCLUDES EXEMPTED SUPPLY)
So ts cover under exempted supplies
"SERVICES" MEANS ANYTHING OTHER THAN GOODS, MONEY & SECURITIES BUT, INCLUDES ACTIVITIES RELATING TO THE USE OF MONEY OR ITS CONVERSATION BY CASH OR BY ANY OTHER MODE FROM OR FORM CURRENCY OR DENOMINATION TO ANOTHER FORM CURRENCY OR DENOMINATION FOR SEPRATE CONSIDERATION IS CHARGED
Its exempted by Notification 12/2017( CT (R)
As Per SECTION 2(6) CGST, AGGREGATE TURNOVER DEFINATION (WHICH INCLUDES EXEMPTED SUPPLY)
So ts cover under exempted supplies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 02 May 2018
As service supplied to Bank (i.e Money) and in consideration we have recd. Interest so it should be exempt supply
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 02 May 2018
Here who is the Supplier...?!
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 02 May 2018
when the money is given to bank , bank is the recepient, & when the interest is given by bank bank is the supplier
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 03 May 2018
CBEC vide Order No. 01/2017-Central Tax dated
13th October, 2017 has clarified that a person
supplying any exempt services including services
by way of extending deposits, loans or advances in
so far as the consideration is represented by way of
interest or discount, shall not be ineligible for the
composition scheme. In computing his aggregate
turnover in order to determine his eligibility for
composition scheme, value of supply of the exempt
services including services by way of extending
deposits, loans or advances shall not be taken into
account.
So As Above notification interest is added to get aggregate turnover.
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 03 May 2018
https://www.quora.com/in/Is-GST-applicable-on-interest-in-bank-FDs-also
https://www.axisbank.com/progress-with-us/invest/how-will-gst-affect-your-investments
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 03 May 2018
The above said notifications applicable who can act a Finance company or Money lender or any others...
It's not affected in Banks and POs FD Interests and SB interest....
Recent Topics
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
Related Threads
CAclubindia
