03 April 2024
sir, A Registered composite scheme dealer annual return gstr-4 f.y. 23-24 showing amount correct procedure. 1.purchases of total amount rs:53 lacs as per books 2.Purchases of total amount rs:51 lacs as per gst portal (4A) 3.Purchases of total amount rs: 49 lacs as per income tax portal Doubt: Dealer purchases amount show in gstr-4 annual return above mentioned options.
10 July 2024
Based on the details provided, it seems there are discrepancies in the purchase amounts reported in different portals for the annual return GSTR-4 for the financial year 2023-24. Here’s how you can address and resolve these discrepancies:
### Understanding the Discrepancies:
1. **Purchase Amounts Reported:** - As per Books: Rs 53 lacs - GST Portal (GSTR-4A): Rs 51 lacs - Income Tax Portal: Rs 49 lacs
### Procedure for GSTR-4 Annual Return:
- **Reporting Purchases in GSTR-4:** - GSTR-4 is a quarterly return filed by composite dealers. It summarizes details of outward supplies, inward supplies attracting reverse charge, tax payable, and tax paid. - Since GSTR-4 is a summary return, it doesn’t directly report purchase amounts. However, the purchase amounts indirectly affect the turnover and tax liability calculations.
- **Addressing Discrepancies:**
1. **Verify the Purchase Data:** - Review the purchase data recorded in your books of accounts (Rs 53 lacs). Ensure all purchases are correctly recorded and classified. - Compare this with the figures reported in the GST Portal (GSTR-4A) and the Income Tax Portal (Rs 51 lacs and Rs 49 lacs respectively).
2. **Rectify Discrepancies:** - If there are discrepancies between your books and the portals: - **GST Portal (GSTR-4A):** Verify if all suppliers have correctly reported invoices. Sometimes delays or errors in supplier filings can cause differences. - **Income Tax Portal:** Check if the figures include only those purchases relevant for income tax purposes (business expenses), which may differ from GST records due to ITC (Input Tax Credit) reversal or other adjustments.
3. **File Corrected Returns:** - Amend GSTR-4 if necessary to reflect the correct turnover and tax details based on reconciled purchase figures. Use the correct data from your books after reconciling with GST and income tax portals.
4. **Documentation:** - Maintain detailed records and reconciliations for future audits or queries from tax authorities. Document any adjustments made and reasons for differences.
### Conclusion:
Ensuring accurate reporting in GSTR-4 is essential for composite dealers to comply with GST regulations. Addressing discrepancies promptly and filing corrected returns helps in avoiding penalties and maintaining compliance. If the discrepancies persist or are complex, consider seeking assistance from a tax professional to ensure correct reporting and compliance with GST laws.
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