My client is a petrol pump owner. Petroleum Products are out of GST. The only goods which can be classified under GST is lubricants. The turnover of lubricants is less than 10 lakhs a year. (Belong to Himachal).
Now question that will the turnover of petroleum products be included for threshold limit or not to get registered under GST?
Yes, turnover of petroleum products will be included in computing the threshold limit. Section 22 states that liability to get registered arises when AGGREGATE TURNOVER exceeds the specified limit. As per Section 2(6) aggregate turnover includes exempt supplies and definition of exempt supply as per Section 2(47) includes non-taxable supplies which consists of petroleum products which concludes that supply of petroleum products along with lubricant supply shall be considered for the threshold limit.
KK & Company Chartered Accountant
Pune
CA Inter
View Details
S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
