How to differentiate Net Taxable Turnover with Taxable supply?
What is Net Taxable Turnover? How does Taxable supply work under GST regime? What are the difference between Net Taxable Turnover and Taxable supply?
Under GST system, the following information explains about Net Taxable Turnover and Taxable supply.
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.
“Taxable supply” means a supply of goods or services or both which is leviable to tax under Central Goods and Service Tax Act, 2017.
The details about Net Taxable Turnover and Taxable supply 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 Taxable supply, 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 Taxable supply separately below. You may kindly read the below links to know more about Taxable supply and Net Taxable Turnover.
What is Net Taxable Turnover under GST
What is Taxable supply under GST
The above information easily explains about Taxable supply and Net Taxable Turnover.
I hope, you have satisfied with the difference between Net Taxable Turnover and Taxable supply explained above. Do you have different thought on difference between Taxable supply and Net Taxable Turnover?
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