turnover includes in COMP. SCHEME

233 views 4 replies
harish chandra • 17 October 2018

would composition turnover include exempt supplies for calculation g 1% tax??
Replies (4)
No... .. .. ..
aggregate turnover" means the aggregate value of all taxable supplies [excluding the value of inward supplies on which tax is payable by a person on reverse charge basis], exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess;

so exempt supplies are need to be include for the conclusion of actual turnover for availing comp. sheme
In the new version of GSTR4, your sales turnover can be shown seperately 0% & 1%
for computation of turnover exempt supplies to included.

But for payment of gst @ 1% only on taxable supplies (assuming your trader)

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