ADVANCE RULING CASES
AAR NO: KAR ADRG 30/2020 – DT: 04.05.2020 – M/S. ANILKUMAR AGARWAL
FACT OF THE CASE
The applicant is an unregistered person and is in receipt of various types of income / revenue. The applicant sought advance ruling in respect of income or revenue. It is observed that only one question is covered under section 97(2)(f) of the CGST Act, 2017, that too in an indirect way, as the question is about aggregate turnover, for registration.
AGGREGATE TURNOVER UNDER GST ACT?
An aggregate turnover means the aggregate value of the followings:
- Taxable Supplies ( Excluding Tax paid under RCM)
- Exempt supplies
- Exports of goods or services or both
- Inter – State Supplies having the same PAN Number to be computed on all India basis
- but exclude Central Tax, State Tax and Integrated Tax and Cess.
RULING UNDER AAR KARNATAKA
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NATURE OF INCOME |
RULING UNDER AAR |
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a. Partner Salary received from Partnership Firm |
Salary is not in the purview of GST Act. Hence it does not include in the Aggregate Turnover. |
|
b. Director remuneration received from Private Limited |
Salary is not in the purview of GST Act. Hence it does not include in the Aggregate Turnover. |
|
c. Interest income from fixed capital contributed in Partnership firm |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
|
d. Interest income from variable capital contributed in Partnership firm |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
|
e. Interest income on Loan given |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
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f. Interest received on Advance given |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
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g. interest accumulated along with deposit / fixed deposit |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
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h. interest received on deposit / fixed deposit |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
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i. Interest received on Debentures |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
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j. interest accumulated on Debentures |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
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k. Interest on Post office deposits |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
|
l. Interest income on National Savings Certificate |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
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m. Interest income credited on PF Account |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
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n. Accumulated interest received on closure of PF Account |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
|
o. Interest income on PPF |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
|
p. Interest income on National Pension Scheme |
It is exempted services. However the value of services is considered for aggregate Turnover under GST Act. |
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q. Receipt of maturity proceeds of life insurance policies |
This income is not in the purview of GST Act. Hence it does not include in Aggregate Turnover, |
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r. Dividend on Shares |
This income is not in the purview of GST Act. Hence it does not include in Aggregate Turnover, |
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s. Rent on Commercial property |
It is taxable service. It is included in the Aggregate Turnover, |
|
t. Residential Rent |
It is exempted service. However it is included in the Aggregate Turnover |
|
u. Capital Gain /loss of shares |
This income is not in the purview of GST Act. Hence it does not include in Aggregate Turnover, |
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