adjusted turnover
Vivek Garg (102 Points)
01 January 2019
how to calculate adjusted turnover, kindly provide the details by giving practical example
Vivek Garg (102 Points)
01 January 2019
ANIMESH CHOWDHARY
(Practicing CA)
(305 Points)
Replied 01 January 2019
“Adjusted Total turnover” means the turnover in a State or a Union territory, as defined under sub-section (112) of section 2, excluding the value of exempt supplies other than zero-rated supplies, during the relevant period.
For Eg, Inter state turnover (within India)Rs1,00,00,000 & turnover of Exports(Zero rated supply) of Rs.40,00,000 Intra state- Rs.2,50,00,000(includes exempted goods turnover of Rs.1,00,00,000)
Adjusted turnover- 1,00,00,000+40,00,000+2,50,00,000-1,00,00,000= Rs.2,90,00,000.
Jignesh Shah
(Tax Consultants)
(160 Points)
Replied 25 December 2019
IN ABOVE EXAMPLE - TAX INCLUDES IN INTRA SALES & INTER STAT SALES
FURTHER IN REFUND APPLICATION TAX AMOUNT IS TO BE ADD IN ADJUSTED TURNOVER OR ONLY BASIC AMOUNT TO BE ADD
CAclubindia
