outward supply shall not include IGST SGST and UTGST while computing aggregate turnover. please explain this....
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As per section 2(6) of the Model GST Act, 'aggregate turnover' shall be total of the following amounts or sums in relation to a person carrying on business, i.e., aggregate of the following–
Value of all taxable supplies of goods and services
Value of exempt supplies of goods and services
Value of all goods and services exported
Value of inter-State supplies
However, afore mentioned value of aggregate turnover would exclude taxes, if any, charged under the CGST Act, IGST Act and SGST Act. It will also not include the value of inward supply on which tax is charged on reverse charge basis and value of inward supplies.
For the purpose aggregate turnover, turnover shall be computed and aggregated for a person having the same Permanent Account Number (PAN) of Income Tax, taken as a whole on an all India basis.
Value of all taxable supplies of goods and services
Value of exempt supplies of goods and services
Value of all goods and services exported
Value of inter-State supplies
However, afore mentioned value of aggregate turnover would exclude taxes, if any, charged under the CGST Act, IGST Act and SGST Act. It will also not include the value of inward supply on which tax is charged on reverse charge basis and value of inward supplies.
For the purpose aggregate turnover, turnover shall be computed and aggregated for a person having the same Permanent Account Number (PAN) of Income Tax, taken as a whole on an all India basis.
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