Taxable Turnover and Accumulated credit under GST terms

Posted on 11 June 2022 Category : GST terms difference

How to differentiate Accumulated credit with Taxable Turnover?

What is Accumulated credit? How does Taxable Turnover work under GST regime? What are the difference between Accumulated credit and Taxable Turnover?

Under GST system, the following information explains about Accumulated credit and Taxable Turnover.

As per GST terms, Accumulated credit means credit availed on inputs, input services and capital goods to extent attributed to dutiable goods or taxable services/exported goods+ exported services, availed in excise/service tax returns and not utilized but C/F as closing balance in return filed in pre-GST. Taxable Turnover means taxable 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

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

For your immediate reference, we give below web links on Accumulated credit and Taxable Turnover separately below. You may kindly read the below links to know more about Taxable Turnover and Accumulated credit.

Accumulated credit to GST means

Term Taxable Turnover under GST

The above information easily explains about Taxable Turnover and Accumulated credit.

We hope, you have satisfied with the difference between Accumulated credit and Taxable Turnover explained above. Do you have different thought on difference between Taxable Turnover and Accumulated credit?

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CGST Act Section 34 Credit and debit notes

CGST Act Section 35 Accounts and other records

CGST Act section 36 Period of retention of accounts

CGST Act Section 37 Furnishing details of outward supplies

CGST Act section 38 Furnishing details of inward supplies

CGST Act Section 39 Furnishing of returns

CGST Act section 40 First return

CGST Act section 41 Claim of input tax credit and provisional acceptance thereof

CGST Act Section 42 Matching, reversal and reclaim of input tax credit