How to differentiate Taxable Turnover with Taxable invoice?
What is Taxable Turnover? How does Taxable invoice work under GST regime? What are the difference between Taxable Turnover and Taxable invoice?
Under GST system, the following information explains about Taxable Turnover and Taxable invoice.
As per GST terms, Taxable Turnover means the 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, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cessand.
Under Taxable invoice, a registered person supplying taxable goods shall, before or at the time of,—
- removal of goods for supply to the recipient, where the supply involves movement of goods; or
- delivery of goods or making available thereof to the recipient, in any other case, issue a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars as may be prescribed:
The details about Taxable Turnover and Taxable invoice with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Taxable Turnover and Taxable invoice, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, We give below web links on Taxable Turnover and Taxable invoice separately below. You may kindly read the below links to know more about Taxable invoice and Taxable Turnover.
Term Taxable Turnover under GST
Taxable invoice under GST
The above information easily explains about Taxable invoice and Taxable Turnover.
I hope, you have satisfied with the difference between Taxable Turnover and Taxable invoice explained above. Do you have different thought on difference between Taxable invoice and Taxable Turnover?
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