The Gujarat Authority for Advance Ruling, had ruled that interest on PPF and savings bank deposit is to be included while arriving at GST registration threshold limit. An individual had filed an advance ruling before the bench who was not engaged in any business. He had disclosed his receipts for the Financial Year 2018-19 which were bout Rs 20.12 lakh, including rent receipt of Rs 9.84 lakh, while the remaining was interest on bank, PPF deposits and from personal loans extended to friends/family. The Authority ruled that Applicant is required to aggregate the value of exempted interest income earned by way of extending deposits in PPF & Bank Saving accounts and loans and advances given to his family/friends along with the value of the taxable supply i.e. “Renting of immovable property” for the purpose of calculating the threshold limit of Rs.20 Lakh for obtaining registration under GST law,” the AAR said.
Interest on PPF, savings bank deposit to be included for calculating GST registration threshold: AAR
Date:
