Difference between Taxable Turnover and Net Taxable Turnover

Posted on 11 June 2022 Category : GST terms difference

How to differentiate Net Taxable Turnover with Taxable Turnover?

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

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

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.

“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 cess.

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

What is Net Taxable Turnover under GST

Term Taxable Turnover under GST

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

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

Share below your thoughts about Net Taxable Turnover and Taxable Turnover

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

How is IGST calculated under Imports?

How is IGST rate on imports treated?

GST and e-Commerce Business, FAQ

Definition of E-Commerce under GST

TDS under GST, Frequently Asked Questions

Does Interest attract on GST Tax payment delay?

Mechanism of Payment of GST tax in India

Levy of late fee for GST Tax returns filing in India

Notice to GST return filing defaulters