PPF, bank interest to be included for calculating GST registration threshold
PPF, bank interest to be included for calculating GST registration threshold An individual had filed an application before the Gujarat bench of AAR asking whether interest received from savings bank, PPF and loans and advances to family would be considered for the purpose of calculating threshold limit of ₹20 lakh for registration under GST law The value of exempted income, like interest on PPF, savings bank account and loans given to family/friends, will be included along with taxable supplies while calculating the threshold limit for obtaining GST registration, the Authority for Advance Ruling (AAR) has said. Under the Goods and Services Tax law, businesses and individuals are required to obtain GST registration if their aggregate turnover is ₹20 lakh or more. An individual, not engaged in any business, had filed an application before the Gujarat bench of AAR asking whether interest received from savings bank, PPF and loans and advances to family would be considered for the...