Hi, good day.
I understand that interest earned from fixed deposits need to be recorded with tax code IES.
However may I know is it compulsory to declare in GST03 item no 12 (total value of exempt supplies)?
Yes you are right, tax code for fixed deposit interest is IES. The supplier shall declare the value of this incidental exempt supply under Field 12: Total Value of exempt supplies of GST-03 return. (Note: Rename of ES43)
EP is now under ZP, right? So, what is the appropriate field in GST-03 return?
If I’m not mistaken, you need not report in the Return Form GST-03 for ZP, EP or OP. You only need to report the supplies. Correct me if I’m wrong.
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