SCHEDULE I ACTIVITIES TO BE TREATED AS SUPPLY EVEN IF MADE WITHOUT CONSIDERATION
are such activities be included in aggregate turnover ?
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aggregate turnover
Replies (3)
Dear Priya,
In simple words (if you are talking about GST), if any activity is related to business transaction like 1 + 1 free, free sample or by any mean you have to outflow your goods and and turnover/sell is the only way even at zero pricing.
if you talking about income tax unless or until income generated you need not taken in books of accounts and here you are dealing without consideration. So, you need not to take in turnover in value terms.
Regards,
Naveen Singh
9716822331
In simple words (if you are talking about GST), if any activity is related to business transaction like 1 + 1 free, free sample or by any mean you have to outflow your goods and and turnover/sell is the only way even at zero pricing.
if you talking about income tax unless or until income generated you need not taken in books of accounts and here you are dealing without consideration. So, you need not to take in turnover in value terms.
Regards,
Naveen Singh
9716822331
Yes , will be included in Aggregate Turnover .
Actually Schedule I covers any kind of supplies between , distinct, related person in course or furtherance of business.
so as per the defination of Aggregate Turnover As per section 2(6) , it includes both taxable & Exempted supply and as per Section 7 CGST Act , schedule I covers under supply
Actually Schedule I covers any kind of supplies between , distinct, related person in course or furtherance of business.
so as per the defination of Aggregate Turnover As per section 2(6) , it includes both taxable & Exempted supply and as per Section 7 CGST Act , schedule I covers under supply
Yes it will be included since SCHEDULE I of the CGST Act 2017 constitutes a SUPPLY.
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