Poonawalla fincorps
Poonawalla fincorps

Interest is calculate for aggregate turnover

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(Querist)
02 May 2019 Whether the Interest is calculated while calculating aggregate turnover for basic exemption 20 lakhs
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CA Anita Bhadra

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CA Anita Bhadra (Expert)
02 May 2019 Yes
The term “aggregate turnover” as defined in sec. 2(6) includes value of all exempt supplies as well. Thus, while there is no GST on interest on loans, but the same is still captured in while computing aggregate turnover.

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