Inclusion of Interest Income in FORM GSTR 9, Goods and Services Tax - GST

[Pradeep Singhi]

Respected Sir,

Do we need to include interest income in total turnover in FORM GSTR-9 (Annual Return)?

Posts / Replies

[KASTURI SETHI]

Yes. If interest is in the course of business or furtherance of business. If interest is part of taxable value, interest is already included in the value of outward supply. Otherwise it is to be shown against the column, 'exempt supply'.

[Ganeshan Kalyani]

Interest income on account of what received ?

[Pradeep Singhi]

"Services by way of extending deposits so far as the consideration is in the form of Interest."

Please see exemption notification 12/2017-CGST(R).