75 lac limit is based on aggregate turnover which will include exempt supplies but what about when it comes to paying tax based on turnover.
Suppose a retailer makes taxable supplies of 30 lacs and exempt supplies of 20 lacs, then he has to pay 1% tax on 30 lacs or 50 lacs?
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Turnover under Composition for paying tax
Replies (8)
You have to pay tax on 50 lacs
but the act says 1% of turnover and not aggregate turnover.
But it also not clarify on taxable turnover
yes, that is true.. but in general sense, exempt supplies like unbranded pulses etc are specifically exempted from gst, shouldn't that apply for composition dealer too?
Yes on such you also have to pay.
According to Sec 2(112) turnover means aggregate value of taxable supplies & exempt supplies made within State, export of services and interstate supplies.
thank you
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