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.
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Composition scheme under GST(Aggregate turnover)
Replies (2)
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
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