turnover difference in gst when compare with income tax returns

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..... 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 an .....

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..... d 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 - Reply By KASTURI SETHI - The Reply = Sh.Shankar Ji, How much amount of GST is involved ? - Reply By ShankarDurgaVaraPrasad P - The Reply = Good evening sh .....

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..... ri 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 - Reply By KASTURI SETHI - The Reply = GST is applicable on both supplies. Had there been non-GST supply or exempted supply, you c .....

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..... ould 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 - turnover difference in gst when compare with income tax returns - Query Started By: - ShankarDurgaVaraPrasad P Dated:- 13-1-2021 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion .....

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..... Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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