TaxTMI 
TaxTMI 
Sir, I understand that the threshold limit for compulsorily registering under GST is aggregate turnover of 20 lakhs. How is this turnover determined in case of a secondhand goods dealer,? Just to give an example Assuming I have purchased all secondhand goods from gst registered dealers during the year for a total of 18 lakhs and have sold the same for 21 lakhs. What will be my aggregate turnover?... Is it 21 lakhs or is it 3 lakhs? In this case will I have to register compulsarily for GST? Warm regards.
Turnover and Value of Supply
01 Jul 2017 
9 Replies 
5447 Views Asked by
Guest 
Aggregate turnover determined by gross sale value for threshold purposes; secondhand valuation affects taxable value only.
Aggregate turnover for threshold registration is computed by reference to gross transaction value of supplies and not by applying the secondhand goods valuation rule; the secondhand goods valuation rule governs taxable value for individual supplies and does not alter aggregate turnover. Dealers under the composition scheme must account for tax on the transaction (sale) value and are not eligible for threshold exemption. (AI Summary)
Aggregate turnover for threshold registration is computed by reference to gross transaction value of supplies and not by applying the secondhand goods valuation rule; the secondhand goods valuation rule governs taxable value for individual supplies and does not alter aggregate turnover. Dealers under the composition scheme must account for tax on the transaction (sale) value and are not eligible for threshold exemption. (AI Summary)