Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 25-9-2017 – Aggregate turnover The expression aggregate turnover is used in GST provisions in many a place. The expression aggregate turnover is defined in Section 2(6) of the Central Goods and Services Tax Act, 2017 ( Act for short) as the aggregate value of- all taxable supplies; excluding the value of inward supplies on which tax is payable by a person on reverse charge basis; exempt supplies; exports of goods or services or both; and inter-State supplies of persons having the same permanent account number, to be computed on all India basis, but excludes- central tax; State tax; Union territory tax, Integrated tax; and Cess. Turnover in State or Turnover in Union territory Section 2(112) defines the expression turnover in State or turnover in Union territory as the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis) and exempt s
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II; and Half per cent of the turnover in State or turnover in Union territory in case of other suppliers, subject to such conditions and restrictions as may be prescribed. The Government may, by notification, increase the threshold limit to such higher limit, not exceeding one crore rupees as may be recommended by the Council. The aggregate turnover for opting composition scheme for the special category of States is fixed as fifty lakh rupees. Section 10(3) provides that the option availed by a registered person shall lapse with effect from the day on which his aggregate turnover during a financial year exceeds the limit specified in this section. Input service distributor Section 20 provides that the Input Service Distributor shall distribute the credit of central tax or integrated tax and integrated tax as integrated tax or central tax, by way of issue of a document containing the amount of input tax credit being distributed in such manner as may be prescribed. Section 20(2) provides
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are operational in the current year, during the said relevant period. Rule 39 (1)(d) provides that the input tax credit that is required to be distributed as above to one of the recipients R1 whether registered or not, from amongst the total of all the recipients to whom input tax credit is attributable, including the recipient(s) who are engaged in making exempt supply, or are otherwise not registered for any reason, shall be the amount C1 , to be calculated by applying the following formula- C1=(t1/T) x C Where, C is the amount of credit to be distributed; t1 is the turnover, as referred to in section 20, of person R1 during the relevant period; and T is the aggregate of turnover, during the relevant period, of all recipients to whom the input services is attributable in accordance with the provisions of section 20. Person liable for registration Section 22 prescribes the persons liable for registration. Section 22(1) provides that every supplier shall be liable to be registered und
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