Question ID :
38200
MEANING OF TURNOVER IN 44AD
DOES TURNOVER INCLUDES GST ALSO IN 44AD. FOR EXAMPLE, X A CONTRACTOR HAVING TURNOVER OF RS 50.00 L AND GST 18% 9.00 L = TOTAL 59.00 L, WHAT SHOULD BE CONSIDERED FOR TURNOVER 50 OR 59 FOR CLAIMING PROFIT U/S 44AD
Posted by
pradeep kumar agrawal
on
Jun 11, 2019
Filed Under
Profits & Gains of Business & Profession
The GST collected is on behalf of the government and it is difficult to brand it as your turnover. But in the case of chouringee bureu case Hon supreme court held sales tax collection as part of trading receipts.
Posted by
SIVADAS CHETTOOR on
Jun 11, 2019
Answer ID :
76842
Recoverable duties should not form part of turnover. So GST should not be included in turnover. However, for composition dealer it should be included for calculation of turnover for 44AD.
Posted by
CA. chunauti dholakia on
Jun 13, 2019
Answer ID :
76854
only Rs.50 lakhs. tax collected is not part of turnover for 44AD
Posted by
CA. VENKITARAMAN K V on
Jun 14, 2019