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Charge of gst

Notification No.2/2019 Eg:- if a person is supplying services,whose aggregate turnover 30 lakhs in the preceding financial year 2019-2020 Then, the financial year 2020-2021 he/she is eligible for this notification But if for example, then in the year 2021-2022 turnover exceeds 5000000 . In this case is he/she eligible for this notification for the supplies upto 5000000 lakhs made in that year or does he/she becomes not eligible for the entire supplies made in that year ?


Swathi Krishna

Swathi Krishna

CA Inter

7K+

16-Jul-20 23:39

25

Answers (6)

Not eligible for entire supply for that respective year when ever it is exceeded.


KEERTHI PRIYA

KEERTHI PRIYA

Moderator

17-Jul-20 19:56

So in the FY 2020-2021, If the turnover exceeded 5000000 in the month of August And the person had already paid tax @6 % for the supplies made before August Then, should he/she need to pay the balance tax that would have been applicable in normal scheme (for supplies made before August) since his/her aggregate turnover exceeded 5000000 during that FY.


Swathi Krishna

Swathi Krishna

CA Inter

7K+

17-Jul-20 22:02

Aggregate turnover for eligibility will be checked on April, if turnover exceeds limit not eligible.


KEERTHI PRIYA

KEERTHI PRIYA

Moderator

17-Jul-20 23:01

But if in the April , the turnover is only 4000000 and in the month the turnover increased to 5000000, then in that case which the above question be applicable


Swathi Krishna

Swathi Krishna

CA Inter

7K+

17-Jul-20 23:24

But if in the April , the turnover is only 4000000 and in the month the turnover increased to 5000000, then in that case which the above question be applicable

The notification clearly mentioned as First supply i.e. from the Registration date of relevant FY in case of a new registration or from 1st April of relevant FY in case of existing registered persons. In your case, the registered dealer For the first supply of Rs.50 lakhs rate of 6% is applicable. Anything above such first supply of Rs. 50 Lakhs shall be taxable at normal rates which are applicable to that particular supply, even if a rupee of value beyond Rs. 50 lakhs shall be taxable at normal rates.


KEERTHI PRIYA

KEERTHI PRIYA

Moderator

19-Jul-20 18:34

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