Net value of taxable supplies and Net Taxable Turnover

Posted on 11 June 2022 Category : GST terms difference

How to differentiate Net Taxable Turnover with Net value of taxable supplies?

What is Net Taxable Turnover? How does Net value of taxable supplies work under GST regime? What are the difference between Net Taxable Turnover and Net value of taxable supplies?

Under GST system, the following information explains about Net Taxable Turnover and Net value of taxable supplies.

Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defined in GST law as under:“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.

The expression “net value of taxable supplies” means the aggregate value of taxable supplies of goods or services, other than services notified under Section 9(5), made during any month by all registered taxable persons through the operator reduced by the aggregate value of taxable supplies returned to the suppliers during the said month.

The details about Net Taxable Turnover and Net value of taxable supplies with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Net Taxable Turnover and Net value of taxable supplies, so as to enable you to have a clear idea on these shipping terms.

For your immediate reference, we give below web links on Net Taxable Turnover and Net value of taxable supplies separately below. You may kindly read the below links to know more about Net value of taxable supplies and Net Taxable Turnover.

What is Net Taxable Turnover under GST

Term Net value of taxable supplies under GST

The above information easily explains about Net value of taxable supplies and Net Taxable Turnover.

I hope, you have satisfied with the difference between Net Taxable Turnover and Net value of taxable supplies explained above. Do you have different thought on difference between Net value of taxable supplies and Net Taxable Turnover?

Share below your thoughts about Net Taxable Turnover and Net value of taxable supplies

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

Does GST registration number of my firm change time to time in India?

Is GST registration required for a public sector undertaking?

Is amendment of GST registration allowed in India?

Cancellation of GST registration in India

Centralized GST registration of services permitted in India?

Retired from business ownership. Fresh GST registration in India?

GST Registration for Job workers in India

GST registration mechanism in India

Pre-registration of credit card necessary for GST payment in India