Now with aggregate turnover limit for GST audit being increased to 5 crore it is very important to know whether the turnover in Financial year has surpassed 5 crore or not and it will be a PAN based calculation and not individual GST number based calculation.
In addition to above this will also be useful for filing of quarterly or monthly GSTR 3B and GSTR 1 as per new amended rules.
Also many people were earlier receiving notices saying their total turnover exceeded Rs. 5 crore. Hence it is important to understand what this Rs. 5 crore limit is, how is it calculated and where can be know whether Rs. 5 crore limit has been exceeded for our client.
Many a times it happens that we are just handling one of the GST numbers of the client and another GST number is in another state and it is handled by other practitioner and we don’t know whether PAN based GST turnover has exceeded the limit or not for GST audit.
With this feature now you can log in to the GST number of your client and in the dashboard you will be able to know if the aggregate turnover has exceeded Rs. 5 crore or not without asking the client about other GST number details.
They have also provided a hyperlink wherein they provide the method using which they have calculated the Rs. 5 crore turnover limit so that you can also calculate the same.
They have provided various scenarios which includes tax payer being a normal taxpayer or person registered under composition scheme.
Where taxpayer is a normal taxpayer they take details of turnover as below:
Number of GSTR-3B filed by the tax payer for the FY 2019-2020 and turnover declared in GSTR- 3B (Table 3.1. a, b, c, e) have been calculated.
Where the taxpayer is registered under composition scheme:
Number of CMP-08 filed by the tax payer for the FY 2019-2020 and outward supply declared in CMP-08 (Table 3, Row- 1, Column- 3 of CMP-08) have been calculated.
Extrapolation of Turnover at GSTIN level (for those who have not filed all the returns as per their eligibility or liability)
a) GSTIN-wise GSTR-3B turnover for FY 2019-2020 has been extrapolated by the formula:
- (Total turnover declared as per all GSTR-3B filed / No. of GSTR-3B filed) X No. of GSTR-3B eligible or liable to be filed
b) GSTIN-wise CMP-08 outward supply has been extrapolated by the formula:
- (Total outward supply declared as per all CMP-08 filed / No. of CMP-08 filed) X No. of CMP- 08 eligible or liable to be filed
c) Added both the values of S. No. 5(a) and S. No. 5(b).