ICAI Concept Note on Aggregate Turnover under GST| Must Needed Amendment in GST| Registration

📢 ICAI Concept Note on Aggregate Turnover under GST 📢
In this video, we delve into the Institute of Chartered Accountants of India's (ICAI) concept note on aggregate turnover under GST. This note provides valuable insights and clarifications on how aggregate turnover is calculated, its implications for businesses, and the compliance requirements under the GST regime.
We'll cover:
Definition of Aggregate Turnover: Aggregate turnover under GST refers to the total value of all taxable supplies, exempt supplies, exports, and inter-state supplies made by a person, computed on an all-India basis. It excludes the value of inward supplies on which tax is payable by the recipient under reverse charge mechanism, as well as central tax, state tax, union territory tax, integrated tax, and cess.
Why we need to know about aggregate Turnover?
GST Registration: It helps determine if a business needs to register for GST. Knowing the threshold limits for registration (Rs. 40 lakhs for goods and Rs. 20 lakhs for services in normal category states) is essential to comply with GST laws.
Compliance Requirements: Aggregate turnover affects various GST compliance requirements such as filing returns, maintaining records, and availing input tax credits.
ICAI's Recommendations: ICAI recommends that exempt supplies should be excluded from the calculation of aggregate turnover. This ensures that only taxable supplies are considered for GST registration and compliance requirements.
Many countries like Australia, Canada, UK etc. have provisions to exclude exempt supplies from the calculation of GST aggregate turnover for registration.
These exclusions help small businesses and exempt entities avoid unnecessary GST registration and compliance burdens, ensuring a smoother tax process.
Stay tuned to gain a comprehensive understanding of this crucial aspect of GST and ensure your business remains compliant. Don't forget to like, comment, and subscribe for more updates on GST and other financial matters!
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