Definition Of Turnover For Gst Audit

Gst audit will apply every year for those gst registered business gstin having turnover more than rs 2 crores by the sale of goods or services in the financial year.

Definition of turnover for gst audit. Need for gst audits and meaning types of audits under gst. Further the gat audit turnover limit of rs 2 crore is the same for the registered tax persons across all states and uts. Turnover is your complete sales made by a company in a specific period. For supply of services aggregate turnover of rs 20 lakhs 10 lakhs in special category states is the limit for registration.

Thus no separate turnover limit is defined for the special category states for gst audit in addition to this each state gst act provides appropriate provisions regarding gst audit. However the central sales tax act 1956 defined the term turnover as. Turnover meaning under gst audit. Turnover means the gross amount of revenue recognised in the profit and loss account from the sale supply or distribution of goods or on account of services rendered or both by a company during a financial year the gst law also do not define the term turnover.

It is a significant step in your company s performance. Aggregate turnover in gst can be described as the taxable value of supplies of goods and services exempt supplies of goods and services export of goods and services and inter state supplies. This article covers the following. Everyone is aware about applicability of gst audit as per rule 80 3 every registered person whose aggregate turnover during a financial year exceeds 2 crores rupees shall get his accounts audited as specified under sub section 5 of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement duly certified in form gstr 9c electronically through the common portal either directly or through a facilitation centre notified by the commissioner.

6 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. Meaning of aggregate turnover as per section 2 6 of cgst act 2017 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. Every business entity engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed rs 40 lakhs in a financial year is required to be registered under the gst act.