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    Question

    Which of the following is incorrect when calculating the

    turnover of an enterprise for classification as micro, small, or medium? Ā 
    A Export of goods or services will be excluded at the time of calculation of turnover of an enterprise. Correct Answer Incorrect Answer
    B Export of goods or services will be included at the time of calculation of turnover of an enterprise. Correct Answer Incorrect Answer
    C Turnover will be calculated based on linked income tax returns and GST portals Correct Answer Incorrect Answer
    D The turnover related figures of such enterprise which do not have PAN will be considered on self-declaration basis for a period up to 31st March 2021 Correct Answer Incorrect Answer
    E PAN and GSTIN are mandatory for turnover calculation after 31st March 2021 Correct Answer Incorrect Answer

    Solution

    Calculation of Turnover Ā 

    • Export of goods or services will be excluded at the time of calculation of turnover of an enterprise. Ā 
    • Turnover will be calculated based on linked income tax returns and GST portals.Ā  Ā 
    • In the case of New Enterprise, t urnover will be based on Self Declaration, and from the 2nd year onwards, it will be Linked t o Income Tax Return and GSTIN. Ā 
    • PAN and GSTIN are mandatory for turnover calculation after 31st March 2021 Ā 

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