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GST turnover

30 August 2019

individual has 1800000 turnover from.profession and 4 lacs from intra day business

wil gst registration be applicable ?

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4 Replies

Kapadia Pravin (17259 Points)
Replied 30 August 2019

This forum is for Income Tax related queries.
please use GST forum for replies from GST masters

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sujith kumar dasa (banglore) (1496 Points)
Replied 31 August 2019

gst registration is not applicable.

Shivam RC (Student) (23683 Points)
Replied 31 August 2019

Intra Day Business means Share Trading business ???

If Yes, then note that Shares and Securities are neither treated as Goods [ 2(52) ] nor Services [ 2(102) ] under GST. They are "Non-Taxable Supply".

Aggregate Turnover as defined u/s 2(6) of the CGST Act 2017 also includes EXEMPT SUPPLY.

The term Exempt Supply has been defined u/s 2(47) of the CGST Act 2017 as "exempt supply" means supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax under Section 11, or under Section 6 of the Integrated Goods and Services Tax Act, and includes NON-TAXABLE SUPPLY".

Hence by analysing the definition of Exempt Supply, we come to know that Non Taxable Supply is also included in the category of Exempt Supply.

And as per the Provision of Section 22 of the CGST Act 2017 [ PERSONS LIABLE FOR REGISTRATION ], A Person is required to get himself registered under GST if his Aggregate Turnover exceeds Rs. 20 lakhs.

Therefore, since your Aggregate Turnover exceeds Rs. 20 lakhs ( i.e. Rs. 18L + 4L = Rs.22L ), you are required to get yourself registered under GST.

Different views, if any, are invited...

Warm Regards.

CA Parveen Jain (Chartered Accountant ) (355 Points)
Replied 15 September 2019

2(78) “non-taxable supply” means a supply of goods or services or both which is not leviable to tax under this Act or under the Integrated Goods and Services Tax Act;
A transaction must be a ‘supply’ as defined under the GST law, to qualify as a non-taxable supply under the GST law.
The following aspects need to be noted:
• Stock transfers to unit within the State for which no separate registration is obtained, which does not qualify as a ‘supply’ as defined under Section 7 of the CGST Act, cannot be said to be a non-taxable supply.
• Transactions specified in Schedule III which are treated as neither a supply of goods nor a supply of services, would also qualify as non-taxable supplies.
• Receipts that satisfy exclusion from valuation as ‘pure agent’ (rule 33) would also be no supply and not to be treated as non-taxable supply.
• Supplies that enjoy the benefit of being wholly exempted from taxes, nil-rated supplies and zero-rated supplies are also not covered under the umbrella of ‘non-taxable supplies’ given that the goods or services are in fact liable to tax, and such tax is exempted by virtue of an exemption notification, or the tax rate is nil.

The crux of Non-Taxable-
• Only those supplies that are excluded from the scope of taxation under GST are covered by this definition – i.e., alcoholic liquor for human consumption, articles listed in section 9(2) or in schedule III.

So Intraday Trading shares are not Goods or Services as per the definition of goods or services.

A transaction must be a ‘supply’ as defined under the GST law, to qualify as a non-taxable supply under the GST law.

in this case, it can not be regarded as non-taxable supply and hence it will not be included in aggregate turnover. so No Reg. Reqd in your case