Goods and Service Tax (GST) is likely to be rolled out in India from April 2017. In any Indirect Tax system, “Turnover” is extremely critical – both from the point of view of the taxpayer as also the Government. It is the summation of all transactions made in the course of Business, Trade or an adventure in the nature of trade – goods and/or services on which the levy of tax becomes applicable. It is, therefore, critical to know what is Turnover, what are exempted from levy of tax, what is the point of time at which a transaction will take the colour of turnover, etc.
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