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Aggregate turnover

Indirect Taxation

Can anyone say exactly,what to include and exclude to calculate AGGREGATE TURNOVER for purpose of composition scheme and returns etcc..

Sairam Reddy

CA Final

★ 10K+

13-Nov-21 11:01

650

Answers (9)

Pls refer below photo I think u will understand if not then I will explain

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Surya Prakash

CA Final

★ 19K+

13-Nov-21 11:16

Interest is included in aggregate turnover right

Thread Starter

Sairam Reddy

CA Final

★ 10K+

13-Nov-21 11:19

Which intrest

Surya Prakash

CA Final

★ 19K+

13-Nov-21 11:29

Interest income earned by supplier by way of credit to customers etccc..

Thread Starter

Sairam Reddy

CA Final

★ 10K+

13-Nov-21 11:43

Thread Starter

Sairam Reddy

Interest income earned by supplier by way of credit to customers etccc..

Yes it is included but remember ( It is just included in turnover but it is exempted from payment of Gst )

Surya Prakash

CA Final

★ 19K+

13-Nov-21 11:55

Thank you I got my doubt. Except for calculating ATO for composition, include intrest under ATO every where

Thread Starter

Sairam Reddy

CA Final

★ 10K+

13-Nov-21 14:14

Thread Starter

Sairam Reddy

Thank you I got my doubt. Except for calculating ATO for composition, include intrest under ATO every where

I mean while calculating ATO we add interest amount and we will not pay any gst on intrest

Surya Prakash

CA Final

★ 19K+

13-Nov-21 14:19

Surya Prakash

I mean while calculating ATO we add interest amount and we will not pay any gst on intrest

No for checking eligibility for composition intrest should be excluded

Thread Starter

Sairam Reddy

CA Final

★ 10K+

13-Nov-21 14:20

Surya Prakash

CA Final

★ 19K+

13-Nov-21 14:21