GST Rules has been Changed: Interest will be Included in Taxable Supplies
GST registration has become easier now. Actually, many types of interest will also be included in estimating the limit for GST registration. This includes public provident fund i.e. PPF, saving bank account and interest on loans given to family / friends. This information has been given by the Advance Ruling Authority (AAR). Let us tell you that under the GST law, companies and individuals with a turnover of 20 lakh or more are required to get GST registration.
This question was asked by AAR
In fact, a person not associated with any business had applied before the Gujarat bench of AAR and wanted to know whether Rs 20 lakh for GST registration on interest on savings bank account, PPF and loan given to family members. Should be considered for the purpose of estimating the limit?
The person said in his application that his total receipt in 2018-19 was around 20.12 lakh. In this, rent of Rs 9.84 lakhs, while the rest was received from bank deposits, PPF deposits and interest on loans given to family members apart from friends.
AAR said this
In response to this, AAR said that interest income will be included in the estimation of GST registration limit. The authority said that the applicant will have to calculate the total turnover for determining the limit for registration under GST.
Rules for buying and selling goods from abroad
According to the new rule of the Advance Ruling Authority (AAR), if a domestic company buys goods from abroad and sells it in another country, it will have to pay GST for such deal in the country. Even if that product has not come within the limits of India.
Special meeting of GST Council in July
Let us inform that a special meeting of the GST Council is going to take place in July. There will be only one issue of discussion in this meeting – the compensation needs of the states. Earlier in the 40th meeting of the GST Council, many important decisions were taken to give relief to small traders.
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