Does aggregate turnover include value of inward supplies received on which tax under reverse charge is to be paid?
Frah Saeed Changed status to publish May 12, 2020
As per Section 2(6) of the CGST Act, which defines the term “aggregate turnover” , it does not include the value of inward supplies on which tax is payable on RCM basis. However it is important to note here that in case RCM is applicable, the recipient of such supply is mandatorily required to obtain registration as per Sec 24 of the CGST Act, irrespective of aggregate turnover.
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Frah Saeed Changed status to publish May 12, 2020