Tax on Second Hand Goods

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..... Tax on Second Hand Goods
Query (Issue) Started By: - THYAGARAJAN KALYANASUNDARAM Dated:- 25-7-2019 Last Reply Date:- 26-7-2019 Goods and Services Tax - GST
Got 4 Replies
GST
Dear Experts, One of my Client's running mobile shops in malls where he buys and sells second hand mobile goods. He charges GST only on the difference between the Selling Price and Purchase price but he is no .....

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..... t getting any bills on the purchases from the individual vendors. (As per rule 32(5) of GST Rules) Further, for the fin. year 2017-18 he was reaches the turnover around 10 Crores(i.e Sales) and declares entire turnover in the trading and profit & loss account as sales under the Income tax act. Whereas under the GST return he had declared the value as per the said rule only 2 crores (Sales - Purc .....

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..... hases from individual). Now, my query is that, which turnover should i show as turnover in the GSTR-9C. (₹ 10 Crore or 2 Crore) Please advice me. Thanks in Advance. Reply By KASTURI SETHI: The Reply: In my view, as per definition of turnover under CGST Act, ₹ 2 Crores should be reflected in GSTR -9C return. GST is indirect tax whereas Income Tax is direct tax. Hence turnover in bot .....

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..... h cannot be compared. It would not match. In such a situation, matching is not mandatory. Reply By Ganeshan Kalyani: The Reply: Income tax is on the net income arrived at by considering all income and deducting allowable expenditure from the income. Here reconciliation will have to be prepared to match the sales revenue shown in income tax vs outward supply arrived for GST. Reply By Ganeshan K .....

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..... alyani: The Reply: Please read as "shown in income tax working " Reply By MUKUND THAKKAR: The Reply: which figures are u showing as a Purchase?
Discussion Forum - Knowledge Sharing .....

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