Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Aggregate turnover

dipti sharma (117 Points)

11 June 2017

While calculating aggregate turnover, do we add interest received on securities as supplies.

Reply
Follow
Share

7 Replies

SANTOSH MANCHALA (CA) (78 Points)
Replied 11 June 2017

No, it will comes under other income, it should not added in while calculating the turnover limit.

1 Like

srinivas (Finance Manager) (239 Points)
Replied 11 June 2017

Yes, i agree with Mr.MANCHALA SANTOSH

https://www.accounts4tutorials.com

1 Like

nirmalbhai thakker (117 Points)
Replied 12 June 2017

As per many judgements, interest ia considered as money, and as per the definition of SERVICES UNDER CGST, MONEY IS EXCLUDE FROM IT.
therefore interest will not be added in aggregate TO

1 Like

saket shrirao (article) (33 Points)
Replied 12 June 2017

while calculating aggregate turnover should we add income from house property (in case of residential dwelling)?

nirmalbhai thakker (117 Points)
Replied 12 June 2017

As per schedule II, RIGHT TO USE property i.e. rent income is taxable services if it is from commercial or industrial use. so rent from residential dwelling is not services and therefore will not be considered in aggregate turnover

saket shrirao (article) (33 Points)
Replied 15 June 2017

Does aggregate turnover mean previous years turnover or current years turnover?

dipti sharma (117 Points)
Replied 15 June 2017

yes, for registration critiria previous years turnover is to be considered, but during the current year, on the day the turnover exceeds the threshhold limit of 20lakhs, registration to be taken