A business whose total turnover in the financial year is more than Rs 20 lakhs has to compulsorily register under the Goods and Services Tax. The limit has been fixed at Rs 10 lakh to mark North Eastern and hill states as special category states.
GST Turnover Calculation
Aggregate turnover is an important term that determines the need for GST registration. Turnover is the value of a business over a period of time. Aggregate turnover in GST can be described as a supply of goods and services, export of goods and services, exemption of supply of goods and services, and taxable value of inter-state supply. Therefore, the total business for GST includes a supply of goods or services, exemption from GST, and exports.
The purpose of aggregate turnover
Aggregate turnover refers to a total aggregate value of all taxable supplies, excluding the value of inward supplies on which tax is payable by a person on a reverse exempt supplies, charge basis, export of goods or services or both, and inter-state individuals with the same Permanent Account Number are supplied on an all-India basis but do not include Central, State, Union Integrated Tax and Cess.
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