Definition Of Turnover In Gst Act

Aggregate turnover is the total value of sales your company completes each year.

Definition of turnover in gst act. According to the central board of excise and customs this number includes. 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. Further it can be said the determination of income chargeable includes the aspects of determination of tax rate threshold etc. 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.

Meaning of aggregate turnover under gst. Turnover meaning under gst audit. However in the absence of any other definition of turnover gross receipts provided in the act it leads to different perspectives and interpretations. Gst section 2 6 definition of aggregate turnover section 2 6 definition of aggregate turnover aggregate turnover provides for what has to be included in the value of turnover and what has to be excluded specifically.

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.