How to differentiate Gross Annual Turnover with Taxable Turnover?
What is Gross Annual Turnover? How does Taxable Turnover work under GST regime? What are the difference between Gross Annual Turnover and Taxable Turnover?
Under GST system, the following information explains about Gross Annual Turnover and Taxable Turnover.
As per GST terms “Gross Annual 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 cuss.
“Taxable Turnover” means the Taxable 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 cuss.
The details about Gross Annual Turnover and Taxable Turnover with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Gross Annual Turnover and Taxable Turnover, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Gross Annual Turnover and Taxable Turnover separately below. You may kindly read the below links to know more about Taxable Turnover and Gross Annual Turnover.
Meaning of term Gross Annual Turnover under GST
Term Taxable Turnover under GST
The above information easily explains about Taxable Turnover and Gross Annual Turnover.
We hope, you have satisfied with the difference between Gross Annual Turnover and Taxable Turnover explained above. Do you have different thought on difference between Taxable Turnover and Gross Annual Turnover?
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