 is treated as supply under GST and whether it counts towards the threshold for GST registration. Understand its classification as business income.){kind=link}
Whether interest on savings bank account, FD account and interest on PPF is considered as supply and accordingly included for GST limit registration? Can it be said for business or for furtherance of business?
Ans. Any such investment or account which forms part of business undertaken by a person shall be included in the aggregate turnover for such person, for example, FD appearing in financial statement of partnership firm. However, if such investments are held in personal capacity as savings and not as part of any business, they shall not be added to the aggregate turnover of such individual. However, recently in an Advance Ruling in the case of Re. Shree Sawai Manoharlal Rathi (GST AAR Gujarat), the Ld. Authority for Advance Ruling (AAR) held that interest received in form of PPF, interest received on Personal Loans and Advanced to family/ friends, interest received on Saving Bank Account would be included in the aggregate turnover determining the liability of registration of a person. My views are different from the Ld. AAR on this issue