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Threshold limit under gst

09 June 2017

Sir

Interest received from Bank/Private loans will added or not, while calculating the threshold limit of Rs.20 Laksh under GST.

Kindly clarify my doubt

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178281 Points)
Replied 09 June 2017

Yes, if it is your business income!

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PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 09 June 2017

Interest received from bank or private loan is not the part of your turnover or gross receipts whatever.

So there is no relation between threshold limit of Rs. 20 Lakhs and interest received.

Please go through a logic:-

Can you impose GST on Interest received from bank?

No so forget about that...........

Hope you may understood..........

Krishna Murty (x) (161 Points)
Replied 09 June 2017

Sir

I am having Professional Income of Rs,15 Lakhs P.A and Interest Income of Rs.6 Lakhs. Total Income Rs.21 Lakhs. Now am I liable to take GST Registration and tell me the GST Liability.

Thank you

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 09 June 2017

1) Rs. 15 Lakhs is your income or gross receipts?

2) Is it interest received from FD?

Krishna Murty (x) (161 Points)
Replied 09 June 2017

Sir

My Gross receipts during the F.Y is Rs.15 Lakhs. Interest received from Bank on FD is Rs.5. Lakhs and Private interests Rs.1 Lakh..Gross Total Income Rs.21 Lakhs.

Thanking You Sir