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Aggregate turnover under gst

Ravi Ganaesha (accountan) (42 Points)

30 June 2017

I wants to know about what is the aggregate turnover in the following case.

Mr. A is an individual his is getting the income by below mentioned source.

1. income from House property Rs.60,00,000/-

2. income from Restaurant Business Income Rs.30,00,000/-

turnover means only business income or any heads of income taxable under GST ?

in this above case weather his turnover is 30 lakhs or 90 lakhs ?

this quation is arrside becouse Mr. A wants to get composition scheme for his restureant business.

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5 Replies

CA Akhilesh Kumar Kandpal (Proprietor A K Kandpal & Associates) (1442 Points)
Replied 30 June 2017

there is no concept of head of income in gst......and you should first understand the difference between income and turnover.....gst is not charged on income but on turnover....assuming what you mentioned is turnover and not income, whole 90 lakh will be the aggregate turnover for the purpose of cgst act.

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Ravi Ganaesha (accountan) (42 Points)
Replied 30 June 2017

Thanks now got understood.

Ravi Ganaesha (accountan) (42 Points)
Replied 30 June 2017

Thanks now got understood.

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 30 June 2017

Further, it is assumed that:

1. Rent received is in relation to business and not for residential purposes.

2. Turnover under both the heads is of same person under same PAN and not of different family members.

CA Akhilesh Kumar Kandpal (Proprietor A K Kandpal & Associates) (1442 Points)
Replied 30 June 2017

Mr. Agrawal Ji, with due respect I beg to differ with your first assumption on the following counts-
1. Renting of immovable property is taxable supply of service under item 5(a) of schedule 2.
2. I don't know whether residential use of rented property will be exempted or not but even if it got exempted, since aggregate turnover is different from taxable turnover, hence in the above case aggregate turnover will still be 90 lakh whether or not the rented property is used for residential purposes.