Definition Of Turnover Under Gst

Any exports or interstate sales completed by someone with the same permanent account number.

Definition of turnover under gst. 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. However in the absence of any other definition of turnover gross receipts provided in the act it leads to different perspectives and interpretations. 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. 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. Turnover in gst turnover in common parlance is the total volume of a business. 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. Turnover meaning under gst audit.

It is a significant step in your company s performance. Further it can be said the determination of income chargeable includes the aspects of determination of tax rate threshold etc. The term aggregate turnover has been defined in gst law as under. It is sometimes known as gross earnings or income.

If you sell coconuts you don t need to pay gst on them. Any goods or service that you sell across state lines.