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Turnover means

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mohammad tarique sohail

accountant

155 Points Posted on 11 April 2023

hello,
My total invoice value is Rs. 2.28 crores. but taxable value is Rs. 1.93 crores. which one is consider as turnover Invoice value or Taxable value.
will this come or not under audit in gst as well as Income tax.
waiting for reply

Replies (4)

Quick Summary

This discussion clarifies the definition of 'turnover' for GST and Income Tax purposes. For GST, 'aggregate turnover' includes all taxable supplies, exempt supplies, and exports, calculated on a pan-India basis, excluding the tax component itself. For Income Tax, it typically refers to total sales credited to the profit and loss account, excluding GST. The advice also touches upon audit thresholds for both GST and Income Tax based on these turnover figures.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121528 Points Posted on 12 April 2023

Your aggregate turnover is 2.28 Crs.

Liability for audit under IT act is 1 Cr, if cash transactions are more than 5%; otherwise 10 Crs.

Liability for audit u/s. 35 of CGST Act is 5 Crs.

Liability to file annual return GSRT 9 is 2 Crs.

prasad Nilugal

GST Practitioner & Accounts

8998 Points Posted on 12 April 2023

Aggregate Turnover under GST law as per section 2(6) of the CGST Act. is

1) aggregate Value of your all taxable supply, ( No RCM value )
2)exempt supply,
3)export of goods or services or both
4), Inter-state supply, etc
computed on Pan India basis but excluding CGST, SGST, UTGST and IGST .

Pankaj Rawat

GST Practitioner

29904 Points Posted on 13 April 2023

Aggregate turnover does not include the tax component (CGST/SGST/IGST)

prasad Nilugal

GST Practitioner & Accounts

8998 Points Posted on 13 April 2023

In Case of Income Tax may be , your total sale credited to profit and Loss A/c , and it is excluding CGST , SGST , UTGST and IGST . because no definition of Aggregate over was given in the Income Tax Act .