dislcosure in gstr-1 and 3B and gstr-9

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..... dislcosure in gstr-1 and 3B and gstr-9
Query (Issue) Started By: - Madhavan iyengar Dated:- 20-5-2019 Last Reply Date:- 21-5-2019 Goods and Services Tax - GST
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GST
Interest income received on fixed deposits and interest received on bank accounts / forex fluctuation are these to be disclosed in the GSTR-1/ 3B as exempt supplies. if same have not been disclosed in fy 17-18 c .....

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..... an they be added manually in gstr-9 Reply By KASTURI SETHI: The Reply: Auto-populated Annual Return can be modified manually. You can insert the figures which were missed. Interest income which is exempt from GST are to be disclosed in GSTR-1, GSTR 3B and GSTR-9 (Annual Return). The purpose for this column is that the department can very whether exemption has been availed correctly or not by the .....

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..... assessee. Whether the exempt supply has been included in aggregate turnover ? Whether exempt supplies have been accounted for while arriving at threshold limit ? Whether such supply is part of composite supply or not ? All these aspects can be verified. So the value of exempt supply must be declared in the above returns. It is in the interest of the assessees inasmuch as the assessee will be sav .....

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..... ed from the charge of mis-declaration or suppression of facts . By declaring exempt supply in the returns bona fides will be established. Such declaration will also help in matching the figures with Income Tax returns. Recently, there was a news that the department will match GST returns with Income Tax returns of the assessee. So it is safe also.
Discussion Forum - Knowledge Sharing .....

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