Kollipara sundaraiah asked 1 year ago
DIFFERENCE TURNOVER GST RETURNS VS INCOME TAX RETURNS FOR COMPOSITE DEALER
A Registered composite dealer sale of goods turnover rs:25 lacs show in cmp-08 and gstr-4 annual return filed in f.y. 21-22.but dealer sale of goods turnover rs:65 lacs declared show in income tax returns in f.y.21-22 .
Query:
1.Dealer difference turnover gst returns vs income tax returns rs:40 lacs turnover show procedure in gst returns and tax pay procedure.
2.Dealer different turnover tax pay through on DRC-03 WITH INTEREST OR WITHOUT INTEREST PAY AND WHICH SECTION 73 OR 74 APPLICABLE IN GST ACT.
Er. Nimesh answered 10 months ago
Sir/ Ma’am,
In your instant case, you have ‘short-declared’ your turnover in GST Returns.
It is thereby suggested that you pay the remaining tax as computed u/s 10 though DRC-03.
If you are paying voluntarily, kindly select section “73” at the time of filing DRC-03.
Interest @18% shall also be applicable in your case, but I would suggest you to first clear the liability of tax due. As this tax has “actually” been unpaid by you.
