Difference between Net Taxable Turnover and Gross Annual Turnover

Posted on 11 June 2022 Category : GST terms difference

How to differentiate Gross Annual Turnover with Net Taxable Turnover?

What is Gross Annual Turnover? How does Net Taxable Turnover work under GST regime? What are the difference between Gross Annual Turnover and Net Taxable Turnover?

Under GST system, the following information explains about Gross Annual Turnover and Net 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. “Net Taxable 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),

The details about Gross Annual Turnover and Net 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 Net 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 Net Taxable Turnover separately below. You may kindly read the below links to know more about Net Taxable Turnover and Gross Annual Turnover.

Meaning of term Gross Annual Turnover under GST

What is Net Taxable Turnover under GST

The above information easily explains about Net Taxable Turnover and Gross Annual Turnover.

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