TaxTMI 
TaxTMI 
turnover difference in gst when compare with income tax returns
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....urnover difference in gst when compare with income tax returns<br> Query (Issue) Started By: - ShankarDurgaVaraPrasad P Dated:- 13-1-2021 Last Reply Date:- 14-1-2021 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>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 t....
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....he 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 thi....
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....s. Thanks in advance Reply By KASTURI SETHI: The Reply: Sh.Shankar Ji, How much amount of GST is involved ? Reply By ShankarDurgaVaraPrasad P: The Reply: Good evening shri kasturi sethi ji, FY 17-18 = GST LIABILITY =163690 diff turnover 909392*18% FY 18-19 = GST LIABILITY = 111962 diff turnover 622010*18% In these above two financial years, the differetial turnover showned as other inc....
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....ome, sale of scrap and jobworks. thank you Reply By KASTURI SETHI: The Reply: GST is applicable on both supplies. Had there been non-GST supply or exempted supply, you could have saved GST on differential amount. Now there is no escape route. However, I shall try trace out any case law on similar issue. Reply By ShankarDurgaVaraPrasad P: The Reply: thank you sir<br> Discussion Forum - Knowled....
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