Important update for taxpayers as the Government has announced a New Functionality on Annual Aggregate Turnover. The new functionality is deployed on the GST Portal for the convenience of Taxpayers. As a result, it will facilitate taxpayers in several ways.
In this article, we will read New functionality on Annual Aggregate Turnover deployed on GST Portal. But first, let us understand Annual Aggregate Turnover.
About Annual Aggregate Turnover?
The aggregate value of all taxable supplies (excluding the value of inbound supplies on which a person pays tax on a reverse charge basis), exempt supplies, and other items is “aggregate turnover.”
Under AATO the GST exempt supplies, exports of goods or services, or both and inter-State supplies of persons having the same Permanent Account Number.
Furthermore, it computes on an Indian basis but excludes central tax, State tax, Union territory tax, integrated tax, and cess.
The aggregate turnover is a critical criterion for evaluating a supplier’s eligibility for the exemption threshold of Rs. 20 lakhs [Rs. 10 lakhs in special category states excluding J&K] and for calculating the composition levy threshold limit.
New functionality on Annual Aggregate Turnover deployed on GST Portal
GSTN has added a new feature to taxpayer dashboards that include the following features:
- Firstly, Instead of only the two slabs of Above or upto Rs. 5 Cr., taxpayers may now view the precise Annual Aggregate Turnover (AATO) for the preceding FY.
- Secondly, Taxpayers may now view the current fiscal year’s aggregate turnover based on returns submitted to date. They might as well request a turnover update if the system-calculated turnover displayed on their dashboard differs from the turnover on their records.
- All GSTINs registered on a single PAN will have access to this turnover updating function. For the purpose of calculating Annual Aggregate Turnover, any changes in turnover by any of the GSTINs must be added together.
- Lastly, The taxpayer has one month from the date of implementation of this capability to alter the turnover twice. The data will then be forwarded to the jurisdictional tax officer for evaluation, who will be able to alter the values provided by the taxpayer.
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