GST: Annual Aggregate Turnover (AATO) & Key Features

GST: Annual Aggregate Turnover (AATO) & Key Features 

The Goods and Service Tax Network (GSTN) vide a notification dated 02^nd May, 2022 has enabled the functionality of Annual Aggregate Turnover (AATO) for the FY 2021-22 on taxpayers' dashboards.

Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defined in GST law as under:

“aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both 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.

The aggregate turnover is a crucial parameter for deciding the eligibility of a supplier to avail the benefit of exemption threshold limit as amended from time to time and for determining the threshold limit for composition levy. The aggregate turnover is different from turnover in a State.

The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features:

1.      The taxpayers can view the exact Annual Aggregate Turnover (AATO) for the previous Financial Year (FY).

2.      The taxpayers can also view the Aggregate Turnover of the current FY based on the returns filed till date.

3.      The taxpayers have also been provided with the facility of turnover updation in case taxpayers feel that the system calculated turnover displayed on their dashboard varies from the turnover as per their records.

4.      This facility of turnover update shall be provided to all the GSTINs registered on a common PAN. All the changes by any of the GSTINs in their turnover shall be summed up for computation of Annual Aggregate Turnover for each of the GSTINs.

5.      The taxpayer can amend the turnover twice within the month of May, 2022. Thereafter, the figures will be sent for review of the Jurisdictional Tax Officer who can amend the values furnished by the taxpayer wherever required.

·         Click here to know the source: GSTN update 537

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