Latest Query & Reply

For GST refund what is the meaning of adjusted turnover.

Reply

As per Rule 89(4) of CGST Rules, 2017  “Adjusted Total Turnover” means the sum total of the value of- 
(a) the turnover in a State or a Union territory, as defined under clause (112) of section 2, excluding the turnover of services; and

(b) the turnover of zero-rated supply of services determined in terms of clause (D) above and non-zero-rated supply of services,

excluding-
(i) the value of exempt supplies other than zero-rated supplies; and
(ii) the turnover of supplies in respect of which refund is claimed under sub-rule (4A) or sub-rule (4B) or both, if any,