How to differentiate Base year revenue with Gross Annual Turnover?
What is Base year revenue? How does Gross Annual Turnover work under GST regime? What are the difference between Base year revenue and Gross Annual Turnover?
Under GST system, the following information explains about Base year revenue and Gross Annual Turnover.
As per GST terms, Base year revenue means- Subject to the provision of sub-sections (2), (3), (4), (5) and (6), the base year revenue for a State shall be the sum of the revenue collected by the State and the local bodies during the base year. 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.
The details about Base year revenue 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 Base year revenue 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 Base year revenue and Gross Annual Turnover separately below. You may kindly read the below links to know more about Gross Annual Turnover and Base year revenue.
Base year revenue under GST
Meaning of term Gross Annual Turnover under GST
The above information easily explains about Gross Annual Turnover and Base year revenue.
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