Difference between Tax Deduction at Source and Aggregate Turnover under GST terms
What is Aggregate Turnover? How does Tax Deduction at Source work under GST regime? What are the difference between Aggregate Turnover and Tax Deduction at Source?
Under GST system, the following information explains about Aggregate Turnover and Tax Deduction at Source.
As per GST terms, 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. Tax Deduction at Source means a system, initially introduced by the Income Tax Department. It is one of the modes/methods to collect tax, under which, certain percentage of amount is deducted by a recipient at the time of making payment to the supplier. It is similar to “pay as you earn” scheme also known as Withholding Tax, in many other countries. It facilitates sharing of responsibility of tax collection between the deductor and the tax administration.
The details about Aggregate Turnover and Tax Deduction at Source with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Aggregate Turnover and Tax Deduction at Source, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Aggregate Turnover and Tax Deduction at Source separately below. You may kindly read the below links to know more about Tax Deduction at Source and Aggregate Turnover.
Aggregate Turnover under GST
What is Tax Deduction at Source (TDS) under GST
The above information easily explains about Tax Deduction at Source and Aggregate Turnover.
We hope, you have satisfied with the difference between Aggregate Turnover and Tax Deduction at Source explained above. Do you have different thought on difference between Tax Deduction at Source and Aggregate Turnover?
Share below your thoughts about Aggregate Turnover and Tax Deduction at Source
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
When to file Annual Return of GST online?
Procedures to claim reduction in output tax liability of GST in India
Procedures to claim Input Tax Credit under GST in India
When to file first Return of GST tax in India?
GST Tax returns filing – Who, How and When?
How is time of supply accounted under GST Tax Calculation
Valuation of GST under special cases
Meaning of term final return under GST
What is facilitation centre under GST
Meaning of term Electronic records under GST
How to overcome the credit risk in an export business?
How important Packing in export trade ?
How to Choose a product for export business
How to send export samples to foreign buyer? Tips to send samples to foreign buyer
Export marketing : How to get order
Disadvantages of Letter of credit (LC) for Exporter
Commercial risks and solutions under Export Business
Political risks in International Trade
Risks arising out of foreign laws in Import Export Business
Cargo risks under Imports and Exports
Types of Policies to cover credit risks in Import Export Trade
Documents required for Export from Myanmar
Customs procedures for Myanmar Export
Registration required to export from Myanmar