Inclusion of Interest Income in FORM GSTR 9

[Pradeep Singhi]

Respected Sir,

Do we need to include interest income in total turnover in FORM GSTR-9 (Annual Return)?

[KASTURI SETHI]

Yes. If interest is in the course of business or furtherance of business. If interest is part of taxable value, interest is already included in the value of outward supply. Otherwise it is to be shown against the column, 'exempt supply'.

[Ganeshan Kalyani]

Interest income on account of what received ?

[Pradeep Singhi]

"Services by way of extending deposits so far as the consideration is in the form of Interest."

Please see exemption notification 12/2017-CGST(R).

AI Summary

Interest income inclusion: include interest in GSTR 9 if business-related; otherwise report as exempt supply per tax guidance
Interest income must be included in FORM GSTR-9 when arising in the course or furtherance of business; if interest is part of the taxable value of an outward supply it is already included in turnover, otherwise such interest receipts should be shown as exempt supply. Services by way of extending deposits where consideration is interest are specifically relevant to this classification.