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What is Taxable Turnover?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 rohith asked over 2 years ago

Hi I am Rohith. I want to know, What is Taxable Turnover?

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5 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

(a) the turnover of goods exempt from tax (b) the turnover of sale of goods sold in course of inter State trade and commerce, to outside the territory of India, sold to a unit under SEZ, STP, EHTP or to an EOU. (c) All amounts allowed as cash discount, or trade discount (d) Cost of outward freight by a dealer for transportation of goods for the purchases. (e) In case of works contract, the expenditure incurred towards labour and service

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 2 years ago

If a taxpayer receives or has the right to receive goods, work, or services in exchange for a taxable transaction, the value of the taxable transaction shall include the market value of these goods, work, or services (including any duties, taxes, or other fees), but not including the VAT and retail sales tax. In the event that a taxpayer does not receive or does not have the right to receive any values in exchange for a taxable transaction, the value of the taxable transaction shall be equal to the market value of the goods delivered, the work performed, or services provided by the taxpayer in the process of said taxable transaction (including any duties, taxes, or other fees), but not including the VAT and retail sales tax.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 HIMANSHU answered over 2 years ago

The value of a taxable transaction shall be determined on the basis of the amount (the value, including in kind) which the taxpayer receives or has the right to receive from a customer or any other person, including any duties, taxes, and/or other fees, but not including the VAT and retail sales tax. If a taxpayer receives or has the right to receive goods, work, or services in exchange for a taxable transaction, the value of the taxable transaction shall include the market value of these goods, work, or services (including any duties, taxes, or other fees), but not including the VAT and retail sales tax. In the event that a taxpayer does not receive or does not have the right to receive any values in exchange for a taxable transaction, the value of the taxable transaction shall be equal to the market value of the goods delivered, the work performed, or services provided by the taxpayer in the process of said taxable transaction (including any duties, taxes, or other fees), but not including the VAT and retail sales tax. In the case of the consumption or use of goods (work or services) for noncommercial purposes as set forth in item 3 of Article 206 of this Code, and also in the case of deliveries of goods (performance of work or provision of services) for one's own employees as set forth in item 4 of Article 206 of this Code, the amount of a taxable transaction shall be equal to the market price of these goods, work, or services (including any duties, taxes, or other fees), but not including the VAT and retail sales tax. When goods are delivered under an arrangement calling for payment in installments, the value of the taxable transaction shall be determined in accordance with item 1 of this article, taking into account all of the payments to be made under the installment plan as specified by the terms of the agreement, including a financial leasing agreement, with the exception of interest payments. When property is (goods are) mortgaged, the value of this taxable transaction on the part of the mortgagor shall be determined on the basis of the amount of borrowed funds received against the security of the given property (goods), not including the value-added tax (that is, not including the value-added tax in the value of the mortgaged property (goods) or in the amount of borrowed funds).

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Open uri20170510 32134 1c996lj?1494421732 Anil answered over 2 years ago

Taxable turnover is the total value of taxable supplies made by a person in the course or furtherance of business, excluding VAT (VAT Act 1994, section 19). This includes: The value of all standard rated, reduced rate and zero rated supplies of goods and services. Article 208. Value of a Taxable Transaction 1. The value of a taxable transaction shall be determined on the basis of the amount (the value, including in kind) which the taxpayer receives or has the right to receive from a customer or any other person, including any duties, taxes, and/or other fees, but not including the VAT and retail sales tax. 2. If a taxpayer receives or has the right to receive goods, work, or services in exchange for a taxable transaction, the value of the taxable transaction shall include the market value of these goods, work, or services (including any duties, taxes, or other fees), but not including the VAT and retail sales tax. 3. In the event that a taxpayer does not receive or does not have the right to receive any values in exchange for a taxable transaction, the value of the taxable transaction shall be equal to the market value of the goods delivered, the work performed, or services provided by the taxpayer in the process of said taxable transaction (including any duties, taxes, or other fees), but not including the VAT and retail sales tax. 4. In the case of the consumption or use of goods (work or services) for noncommercial purposes as set forth in item 3 of Article 206 of this Code, and also in the case of deliveries of goods (performance of work or provision of services) for one's own employees as set forth in item 4 of Article 206 of this Code, the amount of a taxable transaction shall be equal to the market price of these goods, work, or services (including any duties, taxes, or other fees), but not including the VAT and retail sales tax. 5. When goods are delivered under an arrangement calling for payment in installments, the value of the taxable transaction shall be determined in accordance with item 1 of this article, taking into account all of the payments to be made under the installment plan as specified by the terms of the agreement, including a financial leasing agreement, with the exception of interest payments. 6. When property is (goods are) mortgaged, the value of this taxable transaction on the part of the mortgagor shall be determined on the basis of the amount of borrowed funds received against the security of the given property (goods), not including the value-added tax (that is, not including the value-added tax in the value of the mortgaged property (goods) or in the amount of borrowed funds). 7. When wholesale and retail trade enterprises and procurement enterprises that are taxpayers with respect to the VAT purchase goods from persons who are not payers of the VAT, and these taxpayers subsequently deliver the goods to another party, the value of the taxable transaction shall be considered to be equal to the positive difference between the value of the delivery of these goods, not including the VAT, and the value of their acquisition from the non-payer of the VAT. In the event of a negative difference, the value of the taxable transaction for purposes of calculating the VAT shall be assumed to be equal to zero.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 phool chandra singh answered over 2 years ago

Dear, your query is that What is Taxable Turnover? answer of your query is that Taxable turnover means the turnover on which the dealer is liable to pay tax. Taxable turnover is determined after making the following deductions from the Gross turnover: (a) the turnover of goods exempt from tax (b) the turnover of sale of goods sold in course of inter State trade and commerce, to outside the territory of India, sold to a unit under SEZ, STP, EHTP or to an EOU. (c) All amounts allowed as cash discount, or trade discount (d) Cost of outward freight by a dealer for transportation of goods for the purchases. (e) In case of works contract, the expenditure incurred towards labour and service Thanks & Regards,

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