For filing GSTR1, we may need to capture the aggregate turnover of previous financial year.
Can anyone advise me what is the treatment of credit notes [sales return] in this scenario? We have sales and sales return, which one of the following need to be considered as an aggregate turnover?
a.Sales Value - Sales Return = Net Turnover ? Or b.Gross Turn Over = Sales Value only
10 October 2017
It is net turnover.
also I think this aggregate figure is being asked to just get an idea of total turnover to see in which bracket business falls like a new 1.5cr limit has come under place in 6th Oct meeting. There will be no matching of exact figures till your bracket is not changing.
CAclubindia
