GSTR-9 TREATMENT OF INTEREST ON FDR

[KESHAV GROVER]

WHETHER INTEREST RECEIVED ON FDR WILL BECOME PART OF TURNOVER? IF YES THEN WHETHER IT WILL BECOME PART OF THE FORM 9C AS DIFFERENCE IN TURNOVER.

AI Summary

Interest on FDR: Include in GSTR 9C if linked to business activities under GST; exclude if unrelated. A discussion on the treatment of interest on Fixed Deposit Receipts (FDR) under Goods and Services Tax (GST) addressed whether such interest should be included in turnover and reflected in Form 9C. It was clarified that if the interest is earned from taxable business activities, it should be included in GSTR 9C. Conversely, if the FDR is unrelated to business under GST, the interest should not be part of the turnover or Form 9C. If the FDR relates to business activities, whether exempted or taxable, the interest must be included in the turnover and Form 9C.