Question ID : 31666

TURNOVER UNDER GST

WHETHER A PERSON HAVING INTEREST INCOME FROM BANK F.D, OR PERSONAL LOAN GIVEN TO OTHER WOULD BE INCLUDED FOR THE PURPOSE OF AGGREGATE TURNOVER UNDER GST TO TAKE REGISTRATION. INTEREST INCOME 1950000 RS AND TAXABLE BUSINESS INCOME RS 150000.

aggregate turnover us 2(6) means value of all taxable supplies, exempt supplies......... Exempted services per Annexure II , item no 27 service by way of extending deposits, loans or advances in consideration of interest ..... interest income forms part of aggregate turnover. Taxable business income is not a part of aggregate turnover us 2(6)