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Gross receipt
gross receipts includes taxble turnover+Mon taxble turnover+exempted+non supply..
Extract from ICAI BGM - Please be careful while considering aggregate turnover for the purpose of GST registration. (remuneration in terms of salary would not be included).
Inclusion of non-operational income for threshold limit: The inclusion of non-operational
income like interest income as ‘exempt supplies’ for the purpose of determining the
aggregate turnover for registration would bring into the forte a huge number of persons
who are otherwise undertaking only a minimal amount of supply. In case a person is
earning interest income from Fixed Deposit Receipts (FDR) of Rs. 15 Lakhs and a
Rental income from renting of immovable property of Rs. 6 Lakh, he would need to take
registration and collect GST on such supply of rental services.
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