Aggregate turnover confusion


HARSHIL JAIN (MD)     19 June 2019

HARSHIL JAIN
MD 
 10 likes  255 points

| My Other Post

a very basic and easy query but still a confusion over it so please clarify

clients turnover is 

taxable 1,90,75000/-  
tax 9,53,750/-

total  20028750 

as the taxable turnover is below 2CR but when adding tax the total exceeds the figure of 2CR

So now please clear that do i need to file GSTR9C as well with GSTR9 ANNUAL RETURN OR just GSTR9 ANNUAL RETURN ONLY..

1 Like
avater

kiran Kumar   19 June 2019

kiran Kumar

 2 likes  54 points

View Profile | My Other Post

go with taxable amount only
so no need to file GSTR9C

avater

subhagan sreerangam   19 June 2019

subhagan sreerangam

 179 likes  6279 points

View Profile | My Other Post

Taxable Value consider the Aggregate turnover in GST.Tax is not under turnover.

avater

kiran Kumar   19 June 2019

kiran Kumar

 2 likes  54 points

View Profile | My Other Post

go with taxable. so, no need to file GSTR9C

1 Like
avater

Mayank Gadiya   19 June 2019

Mayank Gadiya

 22 likes  334 points

View Profile | My Other Post

Aggregate turnover excludes taxes and hence you are not required to file GSTR9C

1 Like

Ajay Gupta (PRACTICING CHARTERED ACCOUNTANT)     20 June 2019

Ajay Gupta
PRACTICING CHARTERED ACCOUNTANT 
 8 likes  191 points

View Profile | My Other Post

The amount of tax is never turnover. Hence for the purpose of checking eligibility for GST Audit (Form 9C), we need to just consider Rs. 1,90,75,000.

In nutshell, GST Audit (Form 9C) is not required in your case.

1 Like
avater

GROUP WORK   20 June 2019

GROUP WORK

 5 points

View Profile | My Other Post

Respected all,

Whether the aggregate turnover limit of Rs. 40 lacs is considered for current financial year or should we consider our preceeding year turnover limit for gst registration limit.

Example: Suppose i have turnover of rs. 50 lacs in preceeding year but in the current financial year, my turnover is below the limit. Whether i am required to get mandatory registeration based on preceeding year turnover or should we consider current year turnover limit for registration.

 

kindly guide criteria to decide whether registration in gst is required or not based on preceeding or current year turnover.

 

Thanks

avater

Mayank Gadiya   20 June 2019

Mayank Gadiya

 22 likes  334 points

View Profile | My Other Post

In my view, it has to be considered for the current financial year.

Further, Section 29 of the CGST Act states that application for cancellation could be made if the person is no longer required to be registered in terms of 22 and 24 but other than a person who has taken voluntary registration.

And Section 22 mentions the works "in a financial year" and nowhere mentions previous/ preceding financial year.

2 Like
avater

HARSHIL JAIN (MD)     20 June 2019

HARSHIL JAIN
MD 
 10 likes  255 points

View Profile | My Other Post

thank you so much sir

one more confusion regarding CN/DN 

 

how to make entries in gstr3b of that purchase return.. till now i have been doing purchase return as below mentioned

TOTAL TAXABLE SALE 100000               TAX @ 5% 5000

TOTAL SALES RETURN 50000               TAX @ 5 % 2500

TOTAL PURCHASE    200000                  TAX @ 5 % 10000

TOTAL PURCHASE RETURN   25000     TAX @ 5%   1250

 

    so in GSTR3B COLUMN 3.1  TAX ON OUT WARD SUPPLIES 

now total taxable value according to portal help section showing is total sale - credit notes(sales return) + debit notes(purchase return)

so my total taxable value is  100000 - 50000 + 25000 i.e. 75000/- (this figure to be filled in taxable value)

 

and in COLUMN 4 ITC 
I will claim an amount of rs 10000 on purcahse of rs 200000 @ 5 %

 

PLZ CLARIFY THAT IS THIS A CORRECT WAY TO FILL THE ENTRY IN GSTR3B COLUMN
 

 

 

Amit (CA Practice )     20 June 2019

Amit
CA Practice  
 3 likes  89 points

View Profile | My Other Post

Will Interest on Term deposit be part of aggregate turnover ?


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  




Popular Discussion


view more »