clarification on 20 lakh limit
SANDEEP JAIN (Tax Consultant) (487 Points)
12 September 20171) rental income of 70000 p month
2) sell horse for rs 800000
Will rental income 840000 be added in computing turnover of 20 lakh limit
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SANDEEP JAIN (Tax Consultant) (487 Points)
12 September 2017
Dinesh Reddy
(138 Points)
Replied 12 September 2017
Yes. It will be considered in turnover. Please refer to the definition in Section 2 (6) of the CGST Act,2017. It is definition of "aggregate turnover".
Dinesh Reddy
(138 Points)
Replied 12 September 2017
“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;
SANDEEP JAIN
(Tax Consultant)
(487 Points)
Replied 12 September 2017