Goods and Services Tax

Concept of Aggregate Turnover in GST

GST – GST Law and Procedure – 007 – Chapter Seven Concept of Aggregate Turnover in GST 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 aggregate turnover is a crucial parameter for deciding the eligibility of a supplier to avail the benefit o

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art of the aggregate turnover of recipient of such supplies. However, the value of such supplies would continue to be part of the aggregate turnover of the supplier of such supplies. The second element of value which would not be included in the aggregate turnover is the element of central tax, state tax, union territory tax and integrated tax and compensation cess. The value of exported goods/services, exempted goods/services, inter-state supplies between distinct persons having same PAN would be added to aggregate turnover . Last but not the least, such turnover is to be calculated by taking together the value in respect of the activities carried out on all-India basis. The aggregate turnover is different from turnover in a State. The for

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