What is an aggregate turnover in GST?
Aggregate turnover is the criterion for many compliances. It is the limit we check for various thresholds in GST. It is defined in Section 2(6) of CGST Act.
“(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), 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;”
Following is a brief list of those liabilities:
- If it is more than 20 lac: registration
A person is liable for registration in GST if his aggregate turnover exceeds Rs. 20 lac.
- It is more than 10 lac in the specified state: registration
In some of the states, the threshold is of Rs. 10 lac. If you are operating your business from that state registration is required after Rs 10 lac.
- It is 40 lac in some states for registration. This limit applies only in case of an exclusive supply of Goods: Registration
- Turnover is more than 2 crore: Audit in GST and filing reconciliation in form GSTR 9C
- The composition scheme is also eligible for a taxpayer if the turnover is less than 1.5 Crore.
What is included in Aggregate turnover in GST?
Now Aggregate turnover will include the following:
- Export
- Supply to SEZ
- Interstate supply
- Intrastate supply
- Exempted supplies
- Nil rated supply
- Alcoholic liquor for human consumption
- Petroleum Crude
- High-Speed Diesel
- Motor Spirit (Petrol)
- Natural Gas
- ATF
What is not included while calculating the aggregate turnover in GST?
The following items are not included in aggregate turnover.
- Purchase
- RCM Purchase
- Imports
- CGST
- SGST
- Union territory tax
- IGST
- Cess
- No supply
- Schedule III items
e.g.
Mr A has the following supplies please calculate his AT:
- Sale of bottles: 200000
- Rent from house property: 500000
- Sale of beer cans: 300000
- Sale of wine: 300000
- Interest: 500000
- Donation : 10,00,000
Ans: Calculation of AT of Mr. A:
Sale= 200000 plus rent=500000 plus sale of beer cans= 300,000 plus sale of wine= 300000 plus interest = 500000
The total turnover of Mr. A is 18lac.
Donation is not a part of the valuation.
I hope it is useful for you. AT is the backbone of GST. Now you can calculate it easily.