If in fy 19-20 turnover of business is 22 Lakh till feb 20 (if gst registration limit is 40 lakh in state) and if i have taken gst registration in Mar 20. and in march Gst turnover is 2 Lakh. so total turnover will be 24 lakh. if i filed itr for 24 lakh whether it will be any problem ? will i get gst department or income tax depratment notice? is there gst applicability on 22 lakh turnover?
gst applicability after voluntary registration
Rakesh Sharma
Business Owner Faces Potential Notices for GST Discrepancies Due to Voluntary Registration and Income Tax Return Differences. A business owner voluntarily registered for GST in March 2020 after having a turnover of 22 lakh for FY 19-20, below the state threshold of 40 lakh. They are concerned about potential notices from the GST or income tax departments after filing an income tax return for a total turnover of 24 lakh. Responses indicate that once registered, GST must be collected and paid, even if turnover is below the threshold. The owner may receive a notice due to discrepancies between income tax and GST returns. Voluntary registration requires paying GST from the first supply post-registration. (AI Summary)
TaxTMI
TaxTMI