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.
Menu
Composition scheme under GST(Aggregate turnover)
Replies (2)
Quick Summary
NO. AGGREGATE TURNOVER FOR PARTICULAR FINANCIAL YEAR IS TAKEN IN TO CONSIDERATION.
Explanation 1 is about if a person who is registered in PY 2019-20 (in your example) then turnover till he becomes liable to registration need to be added ie 20L/40L as the case may be... aggregate turnover is to be calculated for a year
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
