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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?  
      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  

      • Export of goods or services will be excluded at the time of calculation of turnover of an enterprise.  
      • Turnover will be calculated based on linked income tax returns and GST portals.   
      • 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.  
      • PAN and GSTIN are mandatory for turnover calculation after 31st March 2021  

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