Meaning of Turnover under Indian Tax

Posted on 10 June 2022 Category : GST terms

What is Turnover under Indian Tax

In this article, the information about Turnover under Indian Tax is explained here.

Turnover:

“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) and exempt supplies made within a State by a taxable person, exports of goods or services or both and inter-State supplies of goods or services or both made from the State by the said taxable person but excludes central tax, State tax, Union territory tax, integrated tax and cess.

The expression “turnover” shall include all supplies made by the taxable person, whether on his own account or made on behalf of all his principals.

The supply of goods, after completion of job-work, by a registered job worker shall be treated as the supply of goods by the principal referred to in section 143 of the Central Goods and Services Tax Act, 2017. and the value of such goods shall not be included in the turnover of the registered job worker.

The term Turnover has a relevance in computing the

Limit for compulsorily registration
Limit for opting the composition levy
Compulsory submission of audited annual accounts and reconciliation to government.

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