06 September 2022
We can summarise the practical main points related to this compliance as follows:
1.
The whole Expenditures including capital Expenditures i.e. purchases of Fixed Assets are to be given in consolidated form. No separate figures are required to be reported.
Specially note here that the details of revenue and capital Expenditure, both are required to be given.
2.
Depreciation need not to be reported.
3.
Transactions which are not Supply of Services or supply of Goods as per Schedule III of CGST Act, 2017 need not be given. For example, Salary.
All such type of Expenditure which are covered under schedule III are not required to be reported under clause 44.
4.
Non-GST expenditures such as Expenditures on Petroleum products are to be bifurcated under “Exempted supply”.
5.
Total payments to registered entities in col. No. 6 means total of Col. 3, 4 and 5. Here there is no need to go for exact meaning of “payments”.
6.
In Col. No.7 Expenditures related to Entities not Registered under GST is Given. All the expenditure related to the unregistered dealers are to be given in Col.No.7.
7.
The total of Col. No. 6 and 7 should match with the Col. No.2.
8.
A suitable disclaimer can be made in deserving cases where such information is supplied by the assesssee but in my opinion such disclaimer should not be made on routine and if assesssee has provided reasons for the same the reasons should also be included in the report.
CAclubindia
