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
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Turnover means
Replies (4)
Quick Summary
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.
.
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 .
Aggregate turnover does not include the tax component (CGST/SGST/IGST)
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 .
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