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Which of the following is NOT excluded from the aggregate turnover under GST?
- a)Taxes charged under the CGST Act
- b)Value of inward supplies on reverse charge mechanism
- c)Value of inward supplies
- d)Taxes charged under the SGST Act
Correct answer is option 'C'. Can you explain this answer?
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Which of the following is NOT excluded from the aggregate turnover und...
The value of inward supplies is not excluded from the aggregate turnover under GST. It is considered as part of the aggregate turnover.
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Which of the following is NOT excluded from the aggregate turnover und...
Value of inward supplies
The value of inward supplies is not excluded from the aggregate turnover under GST. This includes all purchases made by a business, whether on a regular basis or under the reverse charge mechanism. It is important to consider the value of all goods and services procured by a business when calculating the aggregate turnover for GST purposes.
Taxes charged under the CGST Act and SGST Act
Taxes charged under the CGST Act and SGST Act are also not excluded from the aggregate turnover. Businesses must include all taxes collected on their supplies as part of their turnover calculation for GST. This ensures that the correct amount of tax is paid to the government based on the total value of sales.
Value of inward supplies on reverse charge mechanism
The value of inward supplies on reverse charge mechanism is also not excluded from the aggregate turnover. When a business procures goods or services on reverse charge, they are responsible for paying the tax directly to the government. This value must be included in the turnover calculation to accurately determine the tax liability.
In conclusion, while taxes charged under the CGST Act and SGST Act are not excluded from the aggregate turnover under GST, the value of inward supplies must be included in the calculation. Businesses should ensure that they accurately account for all purchases and taxes to comply with GST regulations.
The value of inward supplies is not excluded from the aggregate turnover under GST. This includes all purchases made by a business, whether on a regular basis or under the reverse charge mechanism. It is important to consider the value of all goods and services procured by a business when calculating the aggregate turnover for GST purposes.
Taxes charged under the CGST Act and SGST Act
Taxes charged under the CGST Act and SGST Act are also not excluded from the aggregate turnover. Businesses must include all taxes collected on their supplies as part of their turnover calculation for GST. This ensures that the correct amount of tax is paid to the government based on the total value of sales.
Value of inward supplies on reverse charge mechanism
The value of inward supplies on reverse charge mechanism is also not excluded from the aggregate turnover. When a business procures goods or services on reverse charge, they are responsible for paying the tax directly to the government. This value must be included in the turnover calculation to accurately determine the tax liability.
In conclusion, while taxes charged under the CGST Act and SGST Act are not excluded from the aggregate turnover under GST, the value of inward supplies must be included in the calculation. Businesses should ensure that they accurately account for all purchases and taxes to comply with GST regulations.
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Which of the following is NOT excluded from the aggregate turnover under GST?a)Taxes charged under the CGST Actb)Value of inward supplies on reverse charge mechanismc)Value of inward suppliesd)Taxes charged under the SGST ActCorrect answer is option 'C'. Can you explain this answer?
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