AGGREGATE TURNOVER
By: – DR.MARIAPPAN GOVINDARAJAN
Goods and Services Tax – GST
Dated:- 25-9-2017<\/p>\n
Aggregate turnover
\nThe 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-
\nall taxable supplies;
\nexcluding the value of inward supplies on which tax is payable by a person on reverse charge basis;
\nexempt supplies;
\nexports of goods or services or both; and
\ninter-State supplies of persons having the same permanent account number,
\nto be computed on all India basis, but excludes-
\ncentral tax;
\nState tax;
\nUnion territory tax,
\nIntegrated tax; and
\nCess.
\nTurnover in State or Turnover in Union territory
\nSection 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 <\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n d in supplies referred to in clause (b) of paragraph 6 of Schedule II; and = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ing the relevant period, to the aggregate of the turnover of all recipients and which are operational in the current year, during the said relevant period. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" AGGREGATE TURNOVERBy: – DR.MARIAPPAN GOVINDARAJANGoods and Services Tax – GSTDated:- 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; … Continue reading “AGGREGATE TURNOVER”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7913","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7913"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7913\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\n * Half per cent of the turnover in State or turnover in Union territory in case of other suppliers,
\nsubject 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.
\nThe aggregate turnover for opting composition scheme for the special category of States is fixed as fifty lakh rupees.
\nSection 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.
\nInput service distributor
\nSection 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 b<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nRule 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-
\nC1=(t1\/T) x C
\nWhere,
\n'C' is the amount of credit to be distributed;
\n't1' is the turnover, as referred to in section 20, of person R1 during the relevant period; and
\n'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.
\nPerson liable for registration
\nSection 22 prescribes the persons li<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n