Page 34 - GSTL_2nd July 2020 _Vol 38_Part 1

J8 GST LAW TIMES [ Vol. 38
and inter-State supplies of persons having the same Permanent Account
Number, to be computed on all India basis but excludes Central tax, State tax,
Union territory tax, integrated tax and cess.”
It is clearly evident from the above definition that the aggregate turnover is equal
to the sum of value of all taxable supplies, value of exempt supplies, value of sup-
plies towards export of goods or services or both and value of inter-State supplies
of persons having same Permanent Account Number, to be computed on All India
basis excluding the value of inward supplies on which tax is payable by a person
on Reverse charge basis.

Section 7(1)(a) of the CGST Act, 2017 stipulates that any transaction must
consist the following three components to get qualify as ‘Supply’
(A) The transaction must involve a supply, of goods or services or
both, such as sale, transfer, barter, exchange, licence, rental,
lease or disposal made or agreed to be made
(B) The transaction must before a consideration by a person
(C) The transaction must be in the course or furtherance of busi-
ness.
In view of the above, income received from each sources has to be examined with
reference to Section 7(1)(a) that constitute supply or not.
A person has following income which of the following income will be
add up to aggregate turnover for threshold limit :-
(a) Partner’s salary as partner from my partnership firm,
(b) Salary as director from Private Limited company
(c) Interest income on partners fixed capital credited to partner’s capi-
tal account
(d) Interest income on partners variable capital credited to partner’s
capital account
(e) Interest received on loan given
(f) Interest received on advance given
(g) Interest accumulated along with deposit/fixed deposit
(h) Interest income received on deposit/fixed deposit
(i) Interest received on debentures
(j) Interest accumulated on debentures
(k) Interest on Post office deposits
(l) Interest income on National Savings Certificate (NSCs)
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