turnover difference in gst when compare with income tax returns, Goods and Services Tax - GST

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

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Showing Replies 1 to 4 of 4 Records

1 Dated: 13-1-2021 By:- KASTURI SETHI

Sh.Shankar Ji,

How much amount of GST is involved ?

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2 Dated: 13-1-2021 By:- ShankarDurgaVaraPrasad P

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 income, sale of scrap and jobworks.

thank you

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3 Dated: 13-1-2021 By:- KASTURI SETHI

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.

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4 Dated: 14-1-2021 By:- ShankarDurgaVaraPrasad P

thank you sir

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