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of <h1>Supreme Court Clarifies 'Turnover' in Companies Act: Focus on Sold, Not Produced or Imported Goods</h1> The Companies Act, 2013 defines 'turnover' as the gross revenue recognized in a company's profit and loss account from the sale, supply, or distribution of goods or services during a financial year. The Supreme Court case between the Ministry of Chemicals and Fertilizers and a pharmaceutical company clarifies that turnover refers to the gross revenue from business transactions within a specified period, not the value of stock produced or imported. Turnover should only include what is sold and marketed, not unsold stock. Production and import data may help estimate sales in the absence of reliable sales data, but they do not constitute turnover.
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