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turnover includes in COMP. SCHEME

harish chandra (accounts manager) (66 Points)

17 October 2018

harish chandra • 17 October 2018

would composition turnover include exempt supplies for calculation g 1% tax??

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RAJA P M ("Do the Right Thing...!!!") (127133 Points)
Replied 17 October 2018

No... .. .. ..

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M Sairam (Semi Qualified CA) (421 Points)
Replied 17 October 2018

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