Section 3(7) in THE ASSAM GOODS AND SERVICES TAX (AMENDMENT) ACT, 2019
(7)after sub-section (5), the following Explanations shall be inserted, 4. namely:-"Explanation 1.- For the purposes of computing aggregate turnover of a person for detennining his eligibility to pay tax under this section, the expression .. aggregate turnover" shall include the value of supplies made by such person from the .tst day of April of a financial year up to the date when be becomes Jiable for registration under this Ac4 but shall not include the value of exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount.Explanation 2.-. For the purposes of detennining the tax payable by a person under this section, the expression ••turnover in State" shall not include the value of folJowing supplies, namely:-(a)supplies from the first day of April of a financial year up to the date when such person becomes liable for registration under this Act; and(b)exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount."
