Dear All,
What is turnover means? Does it mean Gross turnover or Net turnover? Does it include VAT, CST, Excise Duty or not ?
Thanks in Advance
Annu.R
(CA,CS,B.Com)
(2788 Points)
Replied 13 September 2011
| Turnover |
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CST Act defines turnover [s.2(j)] as follows: "Turnover used in relation to any dealer liable to tax under this Act means the aggregate of the sale prices received and receivable by him in respect of sales of any goods in the course of inter State trade or commerce made during any prescribed period and determined in accordance with the provisions of this Act and the rules made thereunder ". State laws follow the definition with various inclusions and exclusions. Broad details are contained in the following paragraphs. For the Levy/ calculation of limits the relevant concepts as may have been defined are:
In case of works contract, Turnover could be:
Taxable Turnover - turnover on which tax is payable – computed as per:
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