Annual Aggregate Turnover Computation Methodology

-


1. For Normal Taxpayers who have filed all GSTR-3Bs:

Turnover reported in GSTR-3B Column 2 of Table 3.1 { (a),(b),(c) & (e)} during the Financial Year 2021-22 have been taken into consideration (in case all the returns have been filed for the same).

Outward Taxable supplies (other than zero rated, nil rated and exempted).
Outward Taxable supplies (zero rated).
Other outward supplies (nil rated, exempted).
Non - GST outward supplies.

2. For Normal Taxpayers who have not filed all GSTR-3Bs:

The following formula is used for extrapolation of turnover:

(Sum of taxable value) X (*No.of GSTR-3B liable to be filed)/(No. of GSTR-3B filed)


3. For Composition Taxpayers opted-in throughout the FY: Since the Annual Aggregate Turnover limit for opting in as Composition Taxpayer is up to Rs. 1.5 crore, and will use the following extrapolation formula:

(Sum of taxable value) X (*No. of CMP-08 liable to be filed)/ (No. of CMP-08 filed)

*Categorisation of taxpayers to derive the number of GSTR-3B liable to be filed

I. GSTINs who are active as on date and were NOT IN composition during FY 2021-22,number of GSTR-3B liable to be filed have been arrived at as follows:

  • If the taxpayer is migrated, then No. of GSTR-3B liable to be filed is 12
  • If the taxpayer is new and registered on or before 31st March,2022, the No. of GSTR-3Bs liable to be filed shall be derived on the basis of GSTIN approval/grant date
    i.e. if approval/grant date is on or before April, 2021, then 12, else based on month of approval/grant of GSTIN (e.g. If the month of grant of GSTIN is May 2021, then number of GSTR-3B liable to be filed is 11,if it is June 2021, then it is 10 and so on).
II. GSTINs who are cancelled as on date and were NOT IN composition during 2021-22, number of GSTR-3B liable to be filed have been arrived at as follows:

  • GSTINs registered on or before 31st March 2022.
  • Months between cancellation date and approval/grant date of GSTIN decides the number of GSTR-3B liable to be filed.
  • If cancellation date is beyond March 2022, then month between March 2022 and approval/grant Month of GSTIN is derived.
  • If approval/Grant of GSTIN month is before April 2021, then month between cancellation date and April 2021 is derived.

III. GSTINs who are active as on date and were in composition BUT WITHDRAWN during 2021-22,number of GSTR-3B liable to be filed have been arrived at as follows:

  • GSTINs registered on or before 31st March 2022.
  • Months between Withdrawal date and 31st March 2022 is defined as number of GSTR-3B liable to file.

IV. GSTINs who are cancelled as on date and were in composition BUT WITHDRAWN during 2021-22, number of GSTR-3B liable to be filed have been arrived at as follows:

  • GSTINs registered on or before 31st March 2022.
  • Months between Withdrawal date and 31st March 2022 and cancellation date decides the number of GSTR-3B liable to be filed.
  • If cancellation date is beyond March 2022, then month between March 2022 and Withdrawal Month of GSTIN is derived.


Comments

Post a Comment

Popular posts from this blog

GST - Important Reconciliations must be done before finalization of the Financial Statement

-
Image
To Ensure that there are no major / material misstatements, It is important to check compliance with GST laws and rules even during the finalization of the Financial Statement. An important list of reconciliations is given below:  Balance of Electronic Credit ledger with Balance of Input Tax credit (ITC) in Books of Accounts  Balance of Electronic Cash ledger with Balance of excess cash paid in Books of Accounts  GST paid in cash in March return, with GST Payables as per Books of Accounts  Refund claimed in GST portal with ITC refund receivable in Books of Accounts  Output Liability in GST returns with Books of Accounts  ITC Reconciliation in FORM GSTR-2A/ 2B with FORM GSTR-3B and Books of Accounts  ITC reversed in FORM GSTR-3B with Books of Accounts  Ineligible ITC in FORM GSTR-3B with Books of Accounts  Reconciliation of Gross Turnover in Books of Accounts with FORM GSTR-1, e-Way Bills and FORM GSTR-3B  Reconciliation of accounts of the suppliers  Adjustments of previous year, do
Read more

Non-Profit Organisation (NPO)

-
Image
Non-Profit Organisatoin’s (NPO) have played a crucial role in development of India. There are various NPOs that work all over India and for a wide range of causes.  The World Bank defines NPO’s as “private organizations that pursue activities to  relieve suffering,  promote the interest of the poor,  protect the environment,  provide basic social services, or  undertake community development.”  NPOs do not work for profit motive and apart from own sources, NPO utilises funds raised through donations. NPOs receiving foreign contributions in India come under the purview of Foreign Contribution Regulation Act, 2010 i.e. FCRA. Corporate Social Responsibility (CSR) is practical way to give back to society and NPOs are the best way to do this. NPOs can be registered in any of the applicable acts as mentioned below, according to the type of organisation chosen to be formed. Major laws and acts applicable to NPO are as follows – Society registered under Societies Registration Act, Central or r
Read more

Income Tax dated 04.01.2019- CA Samadhan Series

-
Image
1.      Income Tax : Charitable Activities - Exemption under Section 11 denied - AO should have restricted the denial of exemption only to that portion of the investments, which were made by the assessee in violation of Section 11(5) of the Income Tax Act - Madras High Court in case of [M/S. Vincentian Madras Society , Chennai V s. The D CIT ( Exemptions ) III] 2.      Income Tax : TDS u/s 195 - Time-Writing Charges - The service provided by employees of BGIL are merely in the nature of routine support services and, therefore, cannot be termed as ‘FTS’ under Article 13 of the India UK DTAA -  ITAT Delhi in case of [M/S B.G. India Energy Solutions P Ltd . V s. The DY. C.I.T, Circle – 1 (1) , Gurgaon ] 3.        Income Tax: Valuation of Shares - Restriction as per Rule 11U(a) on the auditor’s acceptance as Accountant for the purposes of Rule 11UA (2) is well founded. - There is no merit in this argument of the assessee that only because the certifica
Read more