Sale of Machinery under GST

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21 Points Posted on 30 January 2022

I was filing income tax return of my client under sec 44AD. His actual turnover is Rs 70,00,000. But when compared with GST his turnover comes out to be Rs 82,00,000. His GST turnover includes sale of Fixed Asset on which he has paid GST. So should I Include the turnover of Rs 12,00,000 while filing GST return.

 

Please answer my query urgently.

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On 30 January 2022 at 14:26 Report
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Quick Summary
This discussion clarifies whether the sale of machinery, including fixed assets, should be included in your GST turnover. The consensus is that the sale consideration of machinery is indeed considered part of your turnover for GST purposes, even if it's a capital receipt. Proper accounting and disclosure are important, but for GST calculation, it counts towards your turnover.

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GST Consultant
10402 Points Posted on 31 January 2022
Yes sale consideration of machinery will be considered in turnover for GST
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On 31 January 2022 at 04:17
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Profession
19978 Points Posted on 31 January 2022
It's a capital receipt. Under general accounting convention and disclosure purposes its shown in a different way.
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On 31 January 2022 at 07:41

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