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Composition levy scheme and rejistration

238 views 5 replies

Aakash Kumar

13 Points Joined January 2023

is discount Recieved/Allowed included/exculded in aggregate turnover?

Replies (5)

CA Mayank A Jain

Chartered Accountant in Practice

1260 Points Joined June 2019

If the discount is passed along with GST, then the same would be considered for the purpose of aggregate turnover.

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

Yes discount allowed is added to compute Agrregate Turnover.

Aakash Kumar

13 Points Joined January 2023

But aggregate turnover includes taxable supplies
And taxable supllies (value of supply) does not include discount as per section 15(3)

sabyasachi mukherjee

28018 Points Joined May 2017

No discount received is not shown under aggregate turnover.

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

Dear Aakash Kumar

Very sorry for above reply, as i oversight the heading of your Query. (Composition dealer)

As per RoD Order no. 01/2017 CT & the same was superseded vide RoD Order No. 01/2019-CT dt. 01/02/2019 , that value of supply of exempt services by way of extending deposit, loans or advance in so far as the consideration is represented by way of interest or DISCOUNT, shall not be taken in account - in computing aggregate turnover in order to determine eligibility for composition scheme

So it is very stated in Law that Discount is not computed to determine aggregate turnover for composition Scheme