adjusted turnover
Vivek Garg (102 Points)
01 January 2019
how to calculate adjusted turnover, kindly provide the details by giving practical example
2 Replies
ANIMESH CHOWDHARY
(Practicing CA)
(305 Points)
Replied 01 January 2019
“Adjusted Total turnover” means the turnover in a State or a Union territory, as defined under sub-section (112) of section 2, excluding the value of exempt supplies other than zero-rated supplies, during the relevant period.
For Eg, Inter state turnover (within India)Rs1,00,00,000 & turnover of Exports(Zero rated supply) of Rs.40,00,000 Intra state- Rs.2,50,00,000(includes exempted goods turnover of Rs.1,00,00,000)
Adjusted turnover- 1,00,00,000+40,00,000+2,50,00,000-1,00,00,000= Rs.2,90,00,000.
Jignesh Shah
(Tax Consultants)
(160 Points)
Replied 25 December 2019
IN ABOVE EXAMPLE - TAX INCLUDES IN INTRA SALES & INTER STAT SALES
FURTHER IN REFUND APPLICATION TAX AMOUNT IS TO BE ADD IN ADJUSTED TURNOVER OR ONLY BASIC AMOUNT TO BE ADD
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