Self employed
148 Points
Joined October 2009
The difference is clearly visible if you compare the definitions given in the VAT Act concerned. In Section 2 which is the definition section, you can find the definitions of the "turnover" which is nothing but the Gross Turnover and if it is for the period of one accounting year, then it is called "Gross Annual Turnover". The definition of taxable turnover is also there.
But how to calculate the taxable turnover and the Gross Turnover could be seen in the Rules of the concerned State. Please refer Rule 3 which deals with the calculations, exemptions and deductions. First calculate the Gross Turnover and then start deducting one by one to arrive at the Taxable Turnover.