What is the turnover of a company?

Turnover of the company indicates the total revenue earned of the business in an accounting duration, calculated quarterly, half-yearly, or annually. It may be in gain or loss, depending on their sales. The aggregate turnover under the GST laws guides the aggregate value of all taxable reserves.

What is the turnover of the company?

Turnover of the company indicates the total revenue earned of the business in an accounting duration, calculated quarterly, half-yearly, or annually. It may be in gain or loss, depending on their sales. If the sales acquire the required level and fulfill the target of the company to have a positive effect, it is a profit or gain. However, if the sales do not acquire the target, it is a negative effect which means loss. Every businessman aims to make a profit as possible within with fulfilling the social obligation.

What is Annual Aggregate Turnover?

The aggregate turnover under the GST laws guides the aggregate value of all taxable reserves. The supplies do not include the value of inward supplies. The tax is owed by a person on reverse charge grounds, exempting supplies, exports of goods or services, or both and inter-state supplies of individuals holding the same Permanent Account Number. The GST is to be calculated on an all-India foundation but excludes any other tax. 

The aggregate turnover calculated for the whole financial year between April of a year up to March of next year. This is called annual aggregate turnover. The total turnover estimated at a PAN level (all GSTINs put together) is the sum of the following:

• Taxability of sales value
• Exempting sales value
• Exporting goods and services
• Interstate reserves by the business to its sister concern,

However, the above aggregate amount excludes the tax elements such as the Central tax, Union territory tax, State tax, Integrated tax, and any other Cess. Additionally, the taxable worth excludes those investments where the person is needed to pay tax under reverse control. 

Turnover in State is separate from the aggregate turnover. It refers to the aggregate worth of all taxable and non-taxable reserves, including excused reserves and exports of goods and/or services produced within a State by a taxable individual and inter-state collections of goods and services produced from the State by the said taxable individual excluding taxes. In case any amount is charged under the CGST Act, SGST Act, and the IGST Act, as it is required. 

When is the GST filed for the turnover of the company?

Earlier Limits – For the sale of Goods/Providing Services : 

How is the reduced rate of GST useful for newly set-up domestic companies and companies engaged in the generation of electricity?

The Taxation Laws (Amendment) Act 2019 has declared an advantageous CIT rate of 15%, a surcharge of 10%, and relevant health and education cess of 4%. It is effective from the tax year 2019-20 for newly set-up domestic manufacturing companies. The advantage of the concessional tax rate of 15%. It has been expanded to domestic companies engrossed in generating electricity from the tax year 2020-21.

The advantageous rate of 15%, a surcharge of 10%, appropriate health, and education cess can be wielded at the possibility of the company.