TaxTMI 
TaxTMI 
2020 (6) TMI 449
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.... be totally Rs. 20,12,000/-, which includes, (i) Rent receipts: Rs. 9,84,000/-, (ii) Bank interest: Rs. 3,000/-, (iii) Interest on PPF deposit: Rs. 2,76,000/- and (iv) Interest on Personal Loans and Advances: Rs. 7,49,000/-. 3. The applicant further submitted that their interpretation of law is that if interest is received on loans and advances, deposits and savings Bank account by an individual person, who is not engaged in any such business and who is not a money lender, then such Interest Receipts is not a Supply and does not attracts GST, as the same is neither "In the course of Business" nor "In the furtherance of Business". 4. The applicant further submitted that he relies on the definition of "Scope of Supply" given under....
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....plicant in their application for advance ruling as well as at the time of personal hearing. 10. In this case, a moot point is to be decided as to whether interest received on deposit in Public Provident Fund (PPF), Personal Loans & Advances to family/friends and deposit in Saving Bank Accounts, would be considered for the purpose of calculating the threshold limit of Rs. 20.00 Lakh for registration under GST Law? 11. "Aggregate Turnover" is relevant to a person to determine the threshold limit to obtain registration under the Act (supply of Services or (goods and services both): Rs. 20 Lakh (Rs. 10 Lakh in case of supplies effected from special category states). 12. Section 2(6) of the Central Goods & Services Tax Act, 2017 defines the t....
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....ion notification. 12.4 Thus, the different kinds of supplies covered under the "aggregate turnover" are: (i) Taxable Supplies; (ii) Supplies that have a NIL rate of tax; (iii) Supplies that are wholly exempted from SGST, UTGST, IGST or Cess; and (iv) Supplies that are not taxable under the Act (alcoholic liquor for human consumption and articles listed in section 9(2) and in Schedule III); (v) Export of goods or services or both, including zero-rated supplies. 13. We further find that under GST, Supply is considered a taxable event for charging tax. The liability to pay tax arises at the 'time of supply of goods or services'. Thus, determining whether or not a transaction falls under the meaning of supply, is important to decide....
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....ludes sale, transfer, exchange, barter, license, rental, lease and disposal. If a person undertakes either of these transactions during the course or furtherance of business for consideration, it will be covered under the meaning of Supply under GST. 13.3 Supply has two important elements: a) Supply is done for a consideration; b) Supply is done in course of furtherance of business. 13.4 Notification No. 12/2017-Central Tax (Rate) and Notification No.9/2017-Integrated Tax (Rate), both dated 28.06.2017,as amended, provides a list of services exempted from payment of Central Tax on intra-State supply and Integrated Tax on Inter-State supply. Entry 27(a) of the Notification No. 12/2017 and Entry 28(a) of the Notification No. 9/2017 relat....