TaxTMI 
TaxTMI 
TaxTMI 
REGISTRATION UNDER GST
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....EGISTRATION UNDER GST<br> Query (Issue) Started By: - PANKAJ CHUGH Dated:- 18-4-2020 Last Reply Date:- 18-4-2020 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>KINDLY ADVISE, WHERE A PROFESSIONAL HAS PROFESSIONAL INCOME OF RS 17 LAC AND EXEMPT INCOME (INTEREST FROM BANK) OF RS 4 LAC IN A FINANCIAL YEAR, WHETHER HE IS REQUIRED TO GET HIMSELF REGISTERED UNDER GST ? THANKS IN ADVANCE Repl....
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....y By KASTURI SETHI: The Reply: If interest income of ₹ 4 lacs relates to professional income, you are required to obtain registration certificate under Section 22 (1) of CGST Act. If interest income relates to domestic saving/FDR/family saving, it cannot be clubbed with your professional income. See the definition of 'aggregate turnover' in Explanation to Section 22(1) of CGST Act ....
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.... the expression "aggregate turnover" shall include all supplies made by the taxable person, whether on his own account or made on behalf of all his principals Reply By PANKAJ CHUGH: The Reply: Dear Sir, Thanks for your prompt reply. The definition of aggregate turnover given in the act is as follow: (6) "aggregate turnover" means the aggregate value of all taxable supplies (excluding the valu....
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....e 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 all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess; As per my understanding, the aggregate value includes value of Exem....
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....pt supplies, which in our case is the interest on Bank FDRs. The definition no where talks about "Taxable Person". So the professional should be liable for registration as the aggregate turnover in the state is ₹ 21 lac (Taxable 17 lac+ Exempt 4 Lac). Reply By KASTURI SETHI: The Reply: From your reply it appears that bank interest of ₹ 4 lacs is related to your professional....
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.... income. So registration is required. You are required to apply for registration within 30 days from the date of crossing turnover of ₹ 20 lakhs. Reply By PANKAJ CHUGH: The Reply: Dear Sir, Clarification on fact : Taxable Income being Professional income ₹ 17 Lac Exempt Income being Bank Interest on Savings/Fixed Deposits : ₹ 4 Lac (not related to profession but out of savin....
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....gs) Thanks & Regards Reply By KASTURI SETHI: The Reply: You are to see expression, 'Aggregate turnover' explained in Explanation under Section 22(1) which is relevant for you. I have already highlighted the word, 'taxable person'. If you as a professional earns interest from your bank account (maintained for business purpose), then this interest income is to be clubbed for the p....
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....urpose of registration under CGST Act, otherwise not.<br> Discussion Forum - Knowledge Sharing ....