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

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.