Indirect Tax Turnover Approach and Business vertical

Posted on 11 June 2022 Category : GST terms difference

How to differentiate Business vertical with Indirect Tax Turnover Approach?

What is Business vertical? How does Indirect Tax Turnover Approach work under GST regime? What are the difference between Business vertical and Indirect Tax Turnover Approach?

Under GST system, the following information explains about Business vertical and Indirect Tax Turnover Approach.

As per GST terms, Business vertical means a distinguishable component of an enterprise that is engaged in the supply of individual goods or services or a group of related goods or services which is subject to risks and returns that are different from those of the other business verticals. Indirect Tax Turnover Approach means the approach, presented by the National Institute of Public Finance and Policy, estimates the base in a three step process. First, it estimates the goods base at the level of the States.

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

For your immediate reference, we give below web links on Business vertical and Indirect Tax Turnover Approach separately below. You may kindly read the below links to know more about Indirect Tax Turnover Approach and Business vertical.

What is Business Vertical under GST

Meaning of Indirect Tax Turnover Approach under GST

The above information easily explains about Indirect Tax Turnover Approach and Business vertical.

We hope, you have satisfied with the difference between Business vertical and Indirect Tax Turnover Approach explained above. Do you have different thought on difference between Indirect Tax Turnover Approach and Business vertical?

Share below your thoughts about Business vertical and Indirect Tax Turnover Approach

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

Procedures to claim Drawback after GST implantation

How to claim IGST refund on exports?

Export procedure changes after GST implementation

Factory stuffing procedures after GST implementation

Import of goods attracts IGST but not CVD under GST regime

Import goods attracts IGST and CVD under GST regime

Import Goods attract IGST, CVD and Compensation Cess under GST regime

Safeguard duty and Anti-dumping duty after GST implementation

Section 1 of UTGST Act 2017