Concept of Aggregate Turnover in GST

• September 14, 2019
• CA Chandan Agarwal's Office

Turnover, in common parlance, is the total volume of a business. The term aggregate turnover has been defined in section 2(6) of CGST Act 2017 :-

Meaning of Aggregate Turnover

“aggregate turnover” 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, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess.

Inclusion in calculating Aggregate Turnover :-  Taxable supply , exempt supply , Nil Rated supply , Zero rated supply , Non GST supply and supply to distinct person ,need to be included in calculation of aggregate turnover . Meaning of these supplies has been explained as follows :-

Taxable supply :– Taxable supply has been broadly defined and means any supply of goods or services or both which, is leviable to tax under the Act.( Sec 2(108) of CGST Act)

Read more on: https://taxguru.in/goods-and-service-tax/concept-aggregate-turnover-gst.html