E-invoicing for whose turnover exceeds Rs. 20 crores in a financial year with effect from (WEF) 01.04.2022
CBIC notifies vide Notification No. 1/2022 Central Tax dated 24.02.2022 that e-invoicing has been made mandatory in case of companies / firms/ Proprietors whose turnover exceeds Rs. 20.00 crores in a financial year with effect from 01.04.2022.
Concept of Aggregate Turnover in GST
Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defined in GST law as under: “aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess.
The aggregate turnover computed for the entire financial year between April of a year up to March of next year is called annual aggregate turnover.
Annual aggregate turnover being sum of the following:
- Taxable sales value
- Exempt sales value
- Export of goods and services
- Interstate supplies by the business to its sister concern under the same PAN or interstate stock transfer or supplies between distinct persons under the same PAN
However, the above sum excludes the tax components such as the Central tax, State tax, Union territory tax, Integrated tax and Cess.
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