Turnover tax

Tax Glossary Definition

Turnover tax

Turnover tax is a broad category of taxes levied on the total sales or revenue generated by a business, rather than on profits. It is often applied as a flat percentage of sales and can include various types of consumption and sales taxes. Turnover taxes are simpler to administer but may not account for the profitability of a business.

Example: A small retail shop with annual sales of ₹50 lakh is subject to a 1% turnover tax, resulting in a tax liability of ₹50,000, regardless of its profit margins.

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