In case of sec 10(1)/(2) of CGST Act,2017, while calculating Aggregate turnover, should we also take into account current year turnover for Rs. 150/75 lakhs limit.
For example, if in FY 19-20, aggregate turnover is 130 lakhs and in current FY 20-21, turnover is Rs.40 lakhs, do we then calculate aggregate turnover as Rs. 170 lakhs and consequently become ineligible for composition scheme. Is this the meaning of Explanation 1?
Thank you.
CAclubindia
