Is interest received on investment, a taxable supply
sanjay sunny (8 Points)
05 September 2022sanjay sunny (8 Points)
05 September 2022
CA Sorav Gupta
(Chartered Accountant)
(1005 Points)
Replied 05 September 2022
GST is exempt from interest earned on investments or loans advanced. Hence, no need to obtain registration. However, if the firm makes any taxable supply then GST registration may be required since the interest income will be considered in calculating the threshold limit for registration.
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Thanks & Regards
ACA. Sorav Gupta
(Practicing Chartered Accountant)
APURBA CHATTERJEE
(QUALIFIED CHARTERED ACCOUNTANT)
(604 Points)
Replied 05 September 2022
Interest income is exempted from GST, so based on section 23 of the CGST Act, 2017, GST registration is not required.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 06 September 2022