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Composition levy scheme and rejistration
is discount Recieved/Allowed included/exculded in aggregate turnover?
Replies (5)
Quick Summary
If the discount is passed along with GST, then the same would be considered for the purpose of aggregate turnover.
Yes discount allowed is added to compute Agrregate Turnover.
But aggregate turnover includes taxable supplies
And taxable supllies (value of supply) does not include discount as per section 15(3)
And taxable supllies (value of supply) does not include discount as per section 15(3)
No discount received is not shown under aggregate turnover.
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As per RoD Order no. 01/2017 CT & the same was superseded vide RoD Order No. 01/2019-CT dt. 01/02/2019 , that value of supply of exempt services by way of extending deposit, loans or advance in so far as the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
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