dislcosure in gstr-1 and 3B and gstr-9

[Madhavan iyengar]

Interest income received on fixed deposits and interest received on bank accounts / forex fluctuation are these to be disclosed in the GSTR-1/ 3B as exempt supplies.

if same have not been disclosed in fy 17-18 can they be added manually in gstr-9

AI Summary

Interest Income from Fixed Deposits and Forex Fluctuations Must Be Disclosed in GSTR-1, GSTR-3B, and GSTR-9. A forum discussion addressed whether interest income from fixed deposits and bank accounts, as well as forex fluctuations, should be disclosed as exempt supplies in GSTR-1, GSTR-3B, and GSTR-9. The response clarified that exempt interest income must be reported in these returns to verify if exemptions are correctly availed. If not disclosed in FY 2017-18, it can be manually added in GSTR-9. Proper disclosure helps avoid accusations of mis-declaration and aligns GST returns with Income Tax returns, as authorities may cross-verify these documents.