What are the transactions i need to show in the Point F of Part II of FORM GSTR – 9C, “Trade Discounts accounted for in the audited Annual Financial Statement but are not permissible under GST” ? There could be some business cases where the discount being offered is not know at the time of supply […]
FAQ – 18 : In From GSTR – 9C, what is “Adjustments in turnover due to foreign exchange fluctuations” and in which cases do i need to fill it? It has to be filled by all taxpayers who have outward supplies in foreign currency and where they issue a tax invoice as well as a commercial invoice. […]
What are the various reasons where the GST Liability as per financial statements and GST Returns could be different? There could a difference due to the following reasons commonly a) Revenue Recognition b) Stock Transfer outside the states c) Advance Receipt from customers d) GST on paid on job work if not returned in stipulated time […]
Do I need to do Reconciliationreconciliation between the Financial Statements and GST Returns for the turnover / outward supplies while preparing the GST Audit Reconciliation Statement? Yes, as per Ind AS – 18, revenue will be recognized only when the risks and rewards are transferred whereas in GST, at the time of Supply (section 13,14 […]
Do I need to prepare the Annual Return before starting my GST Audit and filling of Form GSTR – 9C? Yes, the Annual Return has filled /to be taken as a base for preparing the reconciliation statement as it will give the final input tax credit availed, output tax liability for the period July 2017 […]
For determining the eligibility for the GST Audit, do I need to consider the turnover as per the financial statements or I need to compute it separately? It has to be considered separately as the turnover given in the Financial statements is based on the accounting standards and for GST it is based on Aggregate […]
FAQ – 8 : A Taxpayer has operations in three different states and his total turnover as per GST in all the three states is Rs 2.25 Crs. Turnover in State A is Rs 2.04 Crs, State B is Rs 14.00 Lacs and turnover in State is Rs 7.00 Lacs. Does the taxpayer has to file GSTR – […]
Under which provision of the GST Act, the audit is required? GST Audit is required as per provisions of Sub-section 5, Section 35 of the CGST Act 2018.