Taxable turnover

Taxable turnover refers to the total revenue generated by a business that is subject to taxation. This includes sales of goods and services that are not exempt from tax. Essentially, it is the amount of money a business earns from its operations that the government considers for tax purposes. Understanding taxable turnover is crucial for businesses as it determines how much tax they need to pay. It usually excludes non-taxable items, returns, discounts, and other deductions. Accurate reporting of taxable turnover ensures compliance with tax regulations and proper financial management.