Question ID :
44946
Seeking your expert view on GST return disclosure of FD interest income
With due respect, my understanding is that FD interest is exempt under Entry 27(a) of Notif. 12/2017-CT (Rate), but the bank is the supplier of the service, and the depositor is only the recipient. Since the depositor does not make any outward supply as per Sections 7 and 2(83), and no invoice is issued (Rule 46), I do not advise reporting the same in GSTR-1/3B/9. CBIC Circular 12/12/2017-GST appears relevant only for aggregate turnover threshold under Section 2(6).
I would appreciate your thoughts on whether GST returns, being transaction-based, can require reporting of such receipts.
Posted by
NEHA KOTHARI
on
Dec 24, 2025
Filed Under
GST
CBIC Circular No. 12/12/2017-GST Issued by Central Board of Indirect Taxes and Customs, the circular clarifies: Interest income shall be included in aggregate turnover. Only for the limited purpose of determining registration threshold under Section 2(6).The circular does not mandate reporting of such income in GST returns.
You are right taht GST return is transaction based not income base.
Posted by
CA. SATISH CHAND GARG on
Feb 01, 2026