Happy farmer violin notes registration#

B living in Nagaland is Rs.25 lakh from agriculture. Let’s assume that the turnover of the farmer Mr. Further, the Union Territory of Puducherry also follows the threshold limit of Rs.20 lakh. The threshold limit of aggregate turnover for the rest of the special category states mentioned above is Rs.20 lakh.

Happy farmer violin notes registration#

*Important note: Of the above special category states, the territories of Jammu & Kashmir, Ladakh, and Assam, follow the Rs.40 lakh threshold limit for GST registration (and not Rs.20 lakh). Example for Special Category States Under GSTīelow is the list of states/Union Territories which are assigned special status under Goods and Services Tax Law: A does not have the option to register as a composition dealer because this aggregate turnover exceeds the threshold limit of Rs.1.5 crore (Rs 75 lakhs for special category states). A is required to register under GST because his aggregate turnover exceeds the threshold limit of Rs. Going by the definition of aggregate turnover, Mr. In simple words, his taxable turnover is only Rs.5 lakhs. His turnover from the sale of plastic bags is Rs.5 lakhs and we know that this transaction (sale of plastic bags) is chargeable to GST. A also supplies plastic bags along with his crop and charges separately for this. A owns a tea estate with an annual turnover of Rs.1.60 crore by selling tea leaves. Here’s an example to help you understand the concept of aggregate turnover. Example for Normal Category States under GST

However, it excludes stock transfers and taxes such as CGST, SGST, UTGST, IGST, and cess. It includes the aggregate value of all taxable supplies (excluding inward supplies on which tax is payable under reverse charge mechanism ), exempt supplies made within the state/Union Territory, exports of goods or services, and inter-state supplies of goods or services made from the state or Union Territory by the said taxable person. However, the composition levy would be calculated on the basis of turnover in state. The aggregate turnover at PAN level is required to calculate the threshold limit for GST registration as well as eligibility for the composition scheme.

It refers to the turnover of an entity effected within a particular state. Turnover in State is different from the aggregate turnover definition. Note that the sales that are subject to reverse charge must continue to form part of the taxable supplies in aggregate turnover. Further, the taxable value excludes those purchases where the person is required to pay tax under reverse charge. However, the above sum excludes the tax components such as the Central tax, State tax, Union territory tax, Integrated tax and Cess. Interstate supplies by the business to its sister concern under the same PAN or interstate stock transfer or supplies between distinct persons under the same PAN.In other words, it is the total turnover calculated at a PAN level (all GSTINs put together) being sum of the following: The aggregate turnover computed for the entire financial year between April of a year up to March of next year is called annual aggregate turnover. This article explains the meaning of annual aggregate turnover, turnover in state with examples.įrom 1st January 2022, CBIC made the Aadhaar authentication mandatory to apply for revocation of cancelled GST registration under the CGST Rule 23 in REG-21.Īs per GST law, “ aggregate turnover” refers to the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), 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 an all-India basis but excludes Central tax, State tax, Union territory tax, Integrated tax and cess. For service providers, this limit is set at Rs.20 lakhs for normal category states and Rs.10 lakh for special category states. A business whose aggregate turnover in a financial year exceeds Rs.40 lakhs (or Rs.20 lakh for special category states, Puducherry, and Telangana) has to mandatorily register under Goods and Services Tax.