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

[KASTURI SETHI]

Auto-populated Annual Return can be modified manually. You can insert the figures which were missed. Interest income which is exempt from GST are to be disclosed in GSTR-1, GSTR 3B and GSTR-9 (Annual Return). The purpose for this column is that the department can very whether exemption has been availed correctly or not by the assessee. Whether the exempt supply has been included in aggregate turnover ? Whether exempt supplies have been accounted for while arriving at threshold limit ? Whether such supply is part of composite supply or not ? All these aspects can be verified.

So the value of exempt supply must be declared in the above returns. It is in the interest of the assessees inasmuch as the assessee will be saved from the charge of mis-declaration or suppression of facts . By declaring exempt supply in the returns bona fides will be established. Such declaration will also help in matching the figures with Income Tax returns. Recently, there was a news that the department will match GST returns with Income Tax returns of the assessee. So it is safe also.

AI Summary

Exempt supply disclosure: declare exempt interest receipts in GST returns and amend annual return if omitted. Interest receipts (bank, fixed deposit, forex fluctuation) that are exempt supplies must be declared in GSTR 1, GSTR 3B and GSTR 9. Disclosure permits verification of correct availing of exemption, inclusion in aggregate turnover and threshold calculations, and determination of composite supply status. Auto populated Annual Returns may be manually modified to insert missed exempt figures, which supports bona fides and facilitates matching with income tax returns.