Rule 42 Is Advance receipts against services included in Total Turnover

946 views 1 replies
When I consider Total Turnover "F" under Rule 42 for Reversal of ITC from common credit, is the total turnover inclusive of advance receipts against services?
Replies (1)
According to the information I found, the total turnover “F” under Rule 42 for Reversal of ITC from common credit is inclusive of advance receipts against services. As per the CGST Rules, 2017, the total turnover means the aggregate value of all taxable supplies, 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 cess1. The term “exempt supplies” includes non-taxable supplies and supplies which are wholly exempt from tax under section 11, or under section 6 of the Integrated Goods and Services Tax Act1. Therefore, the advance receipts against services, which are liable to tax at the time of receipt, are part of the taxable supplies and should be included in the total turnover for the purpose of Rule 42.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
CA Article Trainee

Rahul Dang & Associates

Pune

CA Inter

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details