https://www.taxtmi.com/article/detailed?id=7534 The article stresses that GST's substitution of 'supply' for conventional 'sale' will create mismatches in revenue recognition, turnover measurement and tax reporting: not all supplies are sales, reducing comparability and potentially lowering reported top line for manufacturers. It urges amending the revenue recognition accounting standard to recognise supply, modifying Schedule III disclosures to identify supplies that are not sales (including off balance sheet treatment), converging turnover definitions across statutes, and addressing whether unbilled revenue is subject to GST, to avoid extra reconciliations and compliance issues. en-us Wed, 02 Aug 2017 08:20:19 +0530 Wed, 02 Aug 2017 08:20:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7534 The article stresses that GST's substitution of 'supply' for conventional 'sale' will create mismatches in revenue recognition, turnover measurement and tax reporting: not all supplies are sales, reducing comparability and potentially lowering reported top line for manufacturers. It urges amending the revenue recognition accounting standard to recognise supply, modifying Schedule III disclosures to identify supplies that are not sales (including off balance sheet treatment), converging turnover definitions across statutes, and addressing whether unbilled revenue is subject to GST, to avoid extra reconciliations and compliance issues. Articles Goods and Services Tax - GST Wed, 02 Aug 2017 08:20:19 +0530 https://www.taxtmi.com/article/detailed?id=7534