Direct Tax Turnover Approach with Gross Annual Turnover?

Posted on 11 June 2022 Category : GST terms difference

Difference between Gross Annual Turnover and Direct Tax Turnover Approach under GST terms

What is Direct Tax Turnover Approach? How does Gross Annual Turnover work under GST regime? What are the difference between Direct Tax Turnover Approach and Gross Annual Turnover?

Under GST system, the following information explains about Direct Tax Turnover Approach and Gross Annual Turnover.

As per GST terms, Direct Tax Turnover Approach means a third approach—which was described in the Thirteenth Finance Commission--is based on using income tax data which are available for about 94.3 lakh registered entities (including companies, partnerships, and proprietorships but not charitable organizations). 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

The details about Direct Tax Turnover Approach and Gross Annual Turnover with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Direct Tax Turnover Approach and Gross Annual 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 Direct Tax Turnover Approach and Gross Annual Turnover separately below. You may kindly read the below links to know more about Gross Annual Turnover and Direct Tax Turnover Approach.

What is Direct Tax Turnover Approach under GST

Meaning of term Gross Annual Turnover under GST

The above information easily explains about Gross Annual Turnover and Direct Tax Turnover Approach.

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CGST Act Section 59 Self-assessment

CGST Act section 60 Provisional assessment

CGST Act section 61 Scrutiny of returns

CGST Act Section 62 Assessment of non-filers of returns

CGST Act section 63 Assessment of unregistered persons

CGST Act Section 64 Summary assessment in certain special cases

CGST Act section 65 Audit by tax authorities

CGST Act section 66 Special audit

CGST Act Section 67 Power of inspection, search and seizure