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Aggregate turnover
While calculating aggregate turnover, do we add interest received on securities as supplies.
Replies (7)
No, it will comes under other income, it should not added in while calculating the turnover limit.
Yes, i agree with Mr.MANCHALA SANTOSH
https://www.accounts4tutorials.com
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
therefore interest will not be added in aggregate TO
while calculating aggregate turnover should we add income from house property (in case of residential dwelling)?
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
Does aggregate turnover mean previous years turnover or current years turnover?
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
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