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Question ID : 36914


As per GST Act every Assessee whose Annual turnover is more than Rs.2 Crore shall gst his Account Audited. In the form GSTR-9C as notified under notification no.49/2018-Central Tax, Reconciliation of turnover under point no. 5 is derived on the basis of Audited Annual Financial Statement. Let take an example of Kacchha Arhtia or del-credre Agent who is issuing invoice on behalf of Principle Supplier. As per GST act his turnover is total receipt on sale which is let suppose Rs.6 Crore (more than Rs. 2Crore ) in a financial year. but under IT Act,1961 his turnover is the amount of commission only that is let suppose Rs.10 Lakh. That's why no audit is conducted under income tax Act & any other Act. Now in this case what turnover shuld be mentioned under Point no.5A to reconcile? In point number 4 he mentioned that he is not liable to audit under any act. Please enlighten us what should we do in this case.

posted by Tushar Goyal on Dec 30 2018 12:00AM

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