Difference between Tax Deductor and Net Taxable Turnover

Posted on 11 June 2022 Category : GST terms difference

How to differentiate Net Taxable Turnover with Tax Deductor?

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

Under GST system, the following information explains about Net Taxable Turnover and Tax Deductor.

Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defined in GST law as under:“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.

Deductor means the person responsible for making the payment to vendor for the supplies obtained for. Under the GST regime, section 51 of the CGST Act, 2017 prescribes the authority and procedure for ‘Tax Deduction at Source’. The Government may order the following persons (the deductor) to deduct tax at source:

The details about Net Taxable Turnover and Tax Deductor with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Net Taxable Turnover and Tax Deductor, so as to enable you to have a clear idea on these shipping terms.

For your immediate reference, We give below web links on Net Taxable Turnover and Tax Deductor separately below. You may kindly read the below links to know more about Tax Deductor and Net Taxable Turnover.

What is Net Taxable Turnover under GST

Tax Deductor under GST

The above information easily explains about Tax Deductor and Net Taxable Turnover.

I hope, you have satisfied with the difference between Net Taxable Turnover and Tax Deductor explained above. Do you have different thought on difference between Tax Deductor and Net Taxable Turnover?

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