Question ID :
31643
aggregate turnover
An individual is having the following incomes
1. rental income Rs15 lakhs.
2. share of profit from a partnership firm Rs.6 lakhs
3. interest from bank fixed deposits Rs. 1 lakh
Whether share of profit from partnership firm should be considered for arriving the aggregate turnover us 2(6) of GST.
Posted by
CA. PATNALA SIVA PRASAD RAO
on
May 21, 2018
Filed Under
GST
No, share of profit from firm will not form part of aggregate turnover for applicability of GST.
Posted by
CA. SATISH CHAND GARG on
May 22, 2018
Answer ID :
68665
As per Sec 2(6) of CGST Act, 2017 specifies aggregate value of "TAXABLE SUPPLIES"....of person having same "PAN".
As per Section 2(108) taxable supply means supply leviable to tax.
As per Section 7 of Act partnership firm profit do not qualify to be a supply at all.
Considering the above, the partnership firm profit share should not be considered in aggregate turnover since
1. Partnership firm makes taxable supply under its own PAN which may be exigible to GST if exceed 20 lac.
2. It does not qualify as supply
Posted by
SACHIN AGARWAL on
May 23, 2018
Answer ID :
68672
Share of profit of partnership firm is only a appropriation of profits and as such doesnt quality to be a Supply, accordingly will not be included in the aggregate turnover.
Posted by
Jatin Harjai on
May 24, 2018
Answer ID :
68689
No, share of profit from firm will not form part of aggregate turnover for applicability of GST.It is appropriation of profit and is not a turnover.
Posted by
CA. JAIN JAWAHAR LAL on
May 26, 2018