Registration

[Pradeep Singhi]

If Bank Interest Income is 18,00,000/- and Rent Income is 6,00,000/-. Is GST Registration Required as the total income is crossing 20L Threshold? Do we have to pay tax on 6,00,000/- Rent Income as Gross T/O 24L Exempted T/O 18L --> As Exemption Noft. 12/2017 CGST(R) entry#27 exempts 'services by way of extending deposits so far the consideration is represented by way of interest.'

AI Summary

Is GST Registration Needed for Income Over 20 Lakh When Interest Income is Exempt? A discussion on a forum addresses whether GST registration is required when a person's bank interest income is 18,00,000 and rental income is 6,00,000, exceeding the 20 lakh threshold. The exemption under Notification 12/2017 CGST(R) entry #27 exempts interest income from GST. Participants argue that interest from non-GST business should not be included in the aggregate turnover for GST registration purposes. It is suggested that non-GST income is outside GST jurisdiction and should not be taxed. The discussion concludes that interest income is not a supply of goods or services under GST.