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INTEREST ON FDR, Goods and Services Tax - GST

Issue Id: - 115322
Dated: 14-8-2019
By:- Manali Sharma

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If a person has RENTAL INCOME and has INTEREST INCOME ON FDR, whether it will be included in GST ANNUAL RETURN and if YES then what will be the TREATMENT for that?

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Showing Replies 1 to 3 of 3 Records

1 Dated: 14-8-2019
By:- Ganeshan Kalyani

Whether the FDR is in connection with the business?

2 Dated: 15-8-2019

If FDR pertains to non-business, interest is not to be shown. Pl. note that if any transaction is 'NOT supply ' as per definition of CGST Act the department has nothing to do with this. The column 'non-GST supply' has been created in the Annual Return for examination whether the party is right or not in this aspect. Whether transaction actually falls in the category of Non-GST supply ? Non-GST supply has no impact on GST. The taxer payers are committing Himalayan blunders by treating taxable/exempted supply as Non-GST supply. So one has to be ultra-cautious.

3 Dated: 19-8-2019

Your query is not complete. If the rental income is in the furtherance of business it will be included in the GST Annual Return. Interest income on FDR is not required.


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