GST is not required to be paid on interest received on fixed deposits, mutual funds. Proportionate ITC is also not required to be reversed in view of the Explanation to Rule 43 of CGST Rules. But whether Interest Income is part of aggregate turnover while calculating the threshold limit for obtaining GST registration?
Frah Saeed Answered question September 1, 2020
Yes, it will be very much a part of aggregate turnover and no such exception for the purpose of aggregate turnover has been carved out..
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Frah Saeed Answered question September 1, 2020