Aggregate turnover in the preceeding year - gstr1
This query is : Open
10 October 2017
Hi,
For filing GSTR1, we may need to capture the aggregate turnover of previous financial year.
Can anyone advise me what is the treatment of credit notes [sales return] in this scenario? We have sales and sales return, which one of the following need to be considered as an aggregate turnover?
a.Sales Value - Sales Return = Net Turnover ? Or
b.Gross Turn Over = Sales Value only
Please reply.
For filing GSTR1, we may need to capture the aggregate turnover of previous financial year.
Can anyone advise me what is the treatment of credit notes [sales return] in this scenario? We have sales and sales return, which one of the following need to be considered as an aggregate turnover?
a.Sales Value - Sales Return = Net Turnover ? Or
b.Gross Turn Over = Sales Value only
Please reply.
CA Rashmi Gandhi
(Expert)
10 October 2017
You have to considered net turnover i.e. Sales after deducting Sales Return.
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anshul aggarwal
(Expert)
10 October 2017
It is net turnover.
also I think this aggregate figure is being asked to just get an idea of total turnover to see in which bracket business falls like a new 1.5cr limit has come under place in 6th Oct meeting. There will be no matching of exact figures till your bracket is not changing.
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