AGGREGATE TURNOVER AND REGISTRATION

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....GGREGATE TURNOVER AND REGISTRATION<br> Query (Issue) Started By: - KESHAV GROVER Dated:- 10-3-2020 Last Reply Date:- 17-3-2020 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>IF A PERSON IS EARNING INTEREST (ON FDR) FROM BANK OF RS.15.00 LAKHS AND GETTING RENT OF RS.6.00 LAKHS. THEN HIS AGGREGATE TURNOVER BECOMES 21.00 LAKHS. WHETHER HE IS LIABLE TO REGISTER FOR GST AND LIABLE TO GET REGIS....

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....TERED UNDER GST? Reply By KASTURI SETHI: The Reply: Yes. Registration is required. See the definition of &#39;aggregate turnover&#39; in CGST Act .Turnover of exempted service from business is to be included. Reply By KESHAV GROVER: The Reply: thanks sir Reply By SHARAD ANADA: The Reply: Refer sec 94 of Finance Act (2) 2019. WEF 01 Jan 2020 94. In section 22 of the Central Goods and Service....

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....s Tax Act, in sub-section (1), after the second proviso, the following shall be inserted, namely:-- "Provided also that the Government may, at the request of a State and on the recommendations of the Council, enhance the aggregate turnover from twenty lakh rupees to such amount not exceeding forty lakh rupees in case of supplier who is engaged exclusively in the supply of goods, subject to such c....

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....onditions and limitations, as may be notified. Explanation.--For the purposes of this sub-section, a person shall be considered to be engaged exclusively in the supply of goods even if he is engaged in exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount." Reply By SHARAD ANADA: The Reply: ....

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.... However till the date Notification in this regard is not issued by the Government<br> Discussion Forum - Knowledge Sharing ....