Concept of Aggregate Turnover in GST
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GST
Aggregate Turnover
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 [ As per section 2(6) of CGST Act, 2017 ]
Aggregate turnover is computed on all India basis for a person having same Permanent Account Number (PAN). It is sum of value of all outward supplies falling in the following four categories:
* Taxable supplies
* Exempt supplies
* Exports of goods or services or both
* Inter-state supplies.
but excludes
* the value of inward supplies on which tax is payable by a person on reverse charge basis
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ed u/s 2(78); such as, specified petroleum goods and alcoholic liquor for human consumption.
* However, registered person, who is engaged in making any supply of goods which are non taxable(i.e. petroleum product & alcoholic liquor for human consumption) under this act who is not eligible to opt for composition scheme.
"Turnover in state" or "Turnover in union territory"
* "Turnover in state" or "Turnover in union territory" 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 made with in s state or union territory by a taxable person,
* export of goods or services or bo
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