kindly clarify whether subsidy received on Machinery form part of aggregate turnover under GST Act
Reply—Section 15 (2) (e) of the CGST Act, states that subsidies shall form part of taxable value but excludes subsidies received from Central and State Governments.
In the above case, if subsidy is not received from central or state government, it would become part of aggregate turnover.
Posted Date: Mar 20, 2021