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

Should Interest Income Be Included in FORM GSTR-9 Turnover? Clarifications and Exemptions Under Notification 12/2017-CGST(R). A query was raised about whether interest income should be included in the total turnover in FORM GSTR-9, the annual return for Goods and Services Tax (GST). One response indicated that if the interest is part of business activities or taxable value, it should be included in the outward supply value; otherwise, it should be shown as 'exempt supply'. Another response questioned the nature of the interest income. The original inquirer referred to exemption notification 12/2017-CGST(R), suggesting that interest from deposits may be exempt.