Meaning of term Gross Annual Turnover under GST

Posted on 10 June 2022 Category : GST terms

What is Gross Annual Turnover under GST

The details about Gross Annual Turnover are explained here.

Gross Annual Turnover:

“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, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess.

The expression “Gross Annual 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 Gross Annual Turnover of the registered job worker.

The term Gross Annual 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.

This post describes about Gross Annual Turnover. Comment below your thoughts about this post Gross Annual Turnover.

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