TaxTMI 
TaxTMI 
Calculation of GST on aggregate turnover
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....alculation of GST on aggregate turnover<br> Query (Issue) Started By: - YUWRAJ KOTHARI Dated:- 12-6-2025 Last Reply Date:- 14-6-2025 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>A doctor provides this professional service in a hospital. such hospital provides details of his earnings after 11th of subsequent month. Further the doctor is earning monthly remuneration as partner in another ....
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....firm. Also the doctor has various FD"s maturity wherein many are for longer period than 12 months also there RD"s maturity do not coincide with year end March. And the doctor has let out his 3 Commercial properties whereby earns monthly rent and pays GST on the same. Query: For submitting monthly GSTR-1 and GST annual return how aggregate turnover be shown considering different services and earni....
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....ng though are exempt but per month calculation how can we made ? Reply By Alkesh Jani: The Reply: Shri The aggregate turnover is defined at Section 2(6) of the CGST Act, 2017 and same is given below:- "(6) "aggregate turnover" means 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), e....
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....xempt 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;" From above, it is clear that for purpose of calculating aggregate turnover, all Taxable supplies are to be taken into account, but if only taxable val....
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....ue is declared in your GSTR-1 mis-match may take place between ITR and GSTR-1/3B. So in my point of view, you are to declare the exempted, nil rate and non-GST value at Table 8 of GSTR-1 and also at 3.1(c) & (e) of GSTR-3B. The same may be declared and reconciled at GSTR-9. Hope this may satisfy your query. In case of any doubt, please take help of professional near you. Thanks Reply By Shilpi....
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.... Jain: The Reply: Aggregate turnover will include the interest incomes, professional fees and rental income. What is the specific doubt in the filing of returns? Reply By Rajan Atrawalkar: The Reply: It seems that you want to know how to file GSTR 1 in the given situation. The confusion seems to be regarding accounting of the income, receipts etc. Ideally, in case of professionals, I will sugg....
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....est that accounting should be on "Cash" basis and not "Mercantile" to have a clear picture. In the given case, when the Hospital earnings are credited on 11th of the subsequent month, then, following "Cash" system, it would be accounted in the subsequent month only. Same is applied to all bank interest, FD interests. Credit the interest in the month of maturity or accounted in the Pass Book. If yo....
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....u follow "Cash" system of accounting for continuation then there will be no problem. 26AS may have minor mismatches which one can explain. While submitting Income tax Return mention "Cash System of Accounting" for all income heads. Following Cash system is practically beneficial where there are number of NSCs, KVPs, and postal deposits. Calculating Accrued interest becomes headache and many times ....
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....mismatches occur at the time of maturity. Off course, this may have adverse effect if there are Bulk FDs. or postal Deposited in a single year and negligible deposits in the following years. Then you may need to change the strategy and adopt "Mercantile" system for "Interest" part. <br> Discussion Forum - Knowledge Sharing ....