Meaning of ‘turnover’ :
“Turnover in State” or “Turnover in Union territory” 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) and exempt supplies made within a State or Union territory by a taxable person, exports of goods or services or both and inter-State supplies of goods or services or both made from the State or Union territory by the said taxable person but excludes central tax, State tax, Union territory tax, integrated tax and cess – section 2(112) of CGST Act.
Thus, ‘turnover’ exempted supplies, inter-state supplies and exports. However, it excludes SGST, CGST, IGST and GST Compensation Cess.
Turnover for the transitory period – The term ‘turnover’, in relation to any registered person engaged in the supply of taxable goods as well as goods not taxable under this Act, means the value of turnover, reduced by the amount of any duty or tax levied under entry 84 of List I of the Seventh Schedule to the Constitution and entry 51 and 54 of List II of the said Schedule – Explanation (c) to section 20 of CGST Act.
Thus, ‘turnover’ should be excluding excise duty and State Vat.