Dhruv Jain (Practicioner) (202 Points)
30 October 2020
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 30 October 2020
| Originally posted by : Dhruv Jain | ||
 |
A co. Having turnover for FY 2018-19 of 4.5 cr as per audited financials and have 70 lacs as advance. Will the co. be applicable for GST Audit? |  |
Gst audit applies considering annual turnover. Does these advances becomes part of Ur aggregate turnover ?
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 30 October 2020
Advanced rec'd for goods cannot b considered as part to aggregate turnover.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 30 October 2020
| Originally posted by : Dhruv Jain | ||
|
What about advance for services? | |
No it won't be considered a part of agg turnover
Dhruv Jain
(Practicioner)
(202 Points)
Replied 30 October 2020
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 30 October 2020
| Originally posted by : Dhruv Jain | ||
|
So considering the above said and the example given GST Audit won't be applicable? | |
Yes but annual return will b mandatory
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 30 October 2020
Welcome dhruv but u must read the provisions.
CAclubindia
