Composition levy scheme and rejistration
Aakash Kumar (13 Points)
10 April 2023
is discount Recieved/Allowed included/exculded in aggregate turnover?
Aakash Kumar (13 Points)
10 April 2023
CA Mayank A Jain
(Chartered Accountant in Practice)
(1260 Points)
Replied 10 April 2023
If the discount is passed along with GST, then the same would be considered for the purpose of aggregate turnover.
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 11 April 2023
Aakash Kumar
(13 Points)
Replied 11 April 2023
sabyasachi mukherjee
(27519 Points)
Replied 11 April 2023
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 11 April 2023
Dear Aakash Kumar
Very sorry for above reply, as i oversight the heading of your Query. (Composition dealer)
As per RoD Order no. 01/2017 CT & the same was superseded vide RoD Order No. 01/2019-CT dt. 01/02/2019 , that value of supply of exempt services by way of extending deposit, loans or advance in so far as the consideration is represented by way of interest or DISCOUNT, shall not be taken in account - in computing aggregate turnover in order to determine eligibility for composition scheme
So it is very stated in Law that Discount is not computed to determine aggregate turnover for composition Scheme
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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