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Turnover and Value of Supply

Goods and Services Tax - Started By: - Uday P - Dated:- 1-7-2017 Last Replied Date:- 16-7-2017 - Sir, I understand that the threshold limit for compulsorily registering under GST is aggregate turnover of 20 lakhs. How is this turnover determined in case of a secondhand goods dealer,? Just to give an example Assuming I have purchased all secondhand goods from gst registered dealers during the year for a total of 18 lakhs and have sold the same for 21 lakhs. What will be my aggregate turnover?... .....

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Aggregate turnover' is defined in section 2(6) of the Model GST Law as follows - 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. Rule 6(5) of Determination of Value of Supply rules state as below: Where a taxable supply is provided by .....

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ion as per Section 2(6) of CGST. You are referring to determination of value of supply as per Model GST Act. It is for different purpose. Now study CGST/SGST/IGST and not Model GST Act. Model GST was at draft level prior to enactment. - Reply By Preeti Sharma - The Reply = Hello Mr. Kasturi Sethi, I am also confused in case of second hand goods. Nothing is clear about it. Pls ellaborate in detail. - Reply By KASTURI SETHI - The Reply = Rule 6(5) of Determination of Value of Supply is meant for d .....

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