Meaning of turnover of 16-17 in gstr 1

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Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2017 Sir, i registered in GST portal as new user. i did not have TIN. I started business in year 2010. In GSTR 1 turnover for Financial year 2016-17 need to be furnished. what is meaning of turnover of fy 16-17. Should i enter here Turnover reported in income tax return?

Amol S Joglekar

Amol S Joglekar (Expert)
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05 September 2017 yes, report the figure of 2016-17. This seems to be an additional information (right now redundant, though) expected from us. In due course of time, in reality, Govt will only tell us how much is our Gross Profit. Even it can tell us net profit before interest, salary and depreciation.