turnover difference in gst when compare with income tax returns

[ShankarDurgaVaraPrasad P]

Good morning to one and all,

This is shankar. For the FY 17-18 & FY 18-19 we reported turnover more than in income tax returns when compared to GST returns. This is mainly for the purpose of getting loans from banks/financial institutions.

Actually, the turnover mentioned in GST returns is correct. unfortunately , my financial statements and income tax returns scrutinized by GST officials and they find this turnover difference.

And, now they issued GST DRC-01 for the difference turnover.

Is there any chance for getting relief form this liability.

kindly reply for this.

Thanks in advance

AI Summary

Discrepancy in Turnover Figures Spurs GST Liability; Relief Limited Unless Non-GST or Exempt Supplies Involved A participant reported discrepancies between their turnover figures in GST returns and income tax returns for the financial years 2017-18 and 2018-19, which were inflated in income tax returns to secure loans. The GST returns were accurate, but the discrepancy led to the issuance of GST DRC-01 for the differential turnover. The participant sought advice on potential relief from this liability. A respondent noted that GST applies to both supplies and suggested that if the turnover involved non-GST or exempt supplies, relief might be possible, but otherwise, the options for relief are limited.