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AGGREGATE TURNOVER IN GST REGIME

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 9-9-2016 - Any tax is levied as a percentage of any amount which is either income or value or revenue or turnover. Presently, excise duty is levied on MRP, Service Tax on value of taxable service and VAT on turnover of goods. In the proposed GST regime, what will be relevant will be 'aggregate turnover'. The 'aggregate turnover' will be relevant for the purpose of - registration of taxable person Threshold exemptio .....

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Aggregate turnover means the aggregate value of all taxable and non-taxable supplies, exempt supplies and exports of goods and/or services of a person having the same PAN, to be computed on all India basis and excludes taxes, if any, charged under the CGST Act, SGST Act and the IGST Act, as the case may be. Explanation.- Aggregate turnover does not include the value of supplies on which tax is levied on reverse charge basis and the value of inward supplies. According to the aforementioned defin .....

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example, if a person is having, say 10 branch offices in different parts of a country under a same PAN filing single income tax return, his turnover for all such offices shall be aggregated. 'Aggregate turnover' shall, however, exclude the following sums - Taxes, if any charged under the CGST Act, SGST Act and IGST Act. Value of supplies of goods and services on which tax is levied on reverse charge basis. Value of inward supplies of goods and services. Under the present tax law, aggreg .....

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under section 66B of the said Finance Act under any other notification. Scope of Aggregate Turnover It can be seen that the definition under proposed GST law is much under as it includes non-taxable supplies and exempt supplies including exports. As such, its benefits may not be available to even many existing assessees who enjoy the exemption. It is necessary for the draftsmen to consider the scope of 'aggregate turnover' is its present from so as to exclude non-taxable / exempt supply .....

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