HARSHIL JAIN (MD) (338 Points)
19 June 2019a very basic and easy query but still a confusion over it so please clarify
clients turnover is
taxable 1,90,75000/-
tax 9,53,750/-
total 20028750
as the taxable turnover is below 2CR but when adding tax the total exceeds the figure of 2CR
So now please clear that do i need to file GSTR9C as well with GSTR9 ANNUAL RETURN OR just GSTR9 ANNUAL RETURN ONLY..
subhagan sreerangam
(7054 Points)
Replied 19 June 2019
CA Mayank A Jain
(Chartered Accountant in Practice)
(1260 Points)
Replied 19 June 2019
Ajay Gupta
(PRACTICING CHARTERED ACCOUNTANT)
(196 Points)
Replied 20 June 2019
The amount of tax is never turnover. Hence for the purpose of checking eligibility for GST Audit (Form 9C), we need to just consider Rs. 1,90,75,000.
In nutshell, GST Audit (Form 9C) is not required in your case.
GROUP WORK
(5 Points)
Replied 20 June 2019
Respected all,
Whether the aggregate turnover limit of Rs. 40 lacs is considered for current financial year or should we consider our preceeding year turnover limit for gst registration limit.
Example: Suppose i have turnover of rs. 50 lacs in preceeding year but in the current financial year, my turnover is below the limit. Whether i am required to get mandatory registeration based on preceeding year turnover or should we consider current year turnover limit for registration.
kindly guide criteria to decide whether registration in gst is required or not based on preceeding or current year turnover.
Thanks
CA Mayank A Jain
(Chartered Accountant in Practice)
(1260 Points)
Replied 20 June 2019
In my view, it has to be considered for the current financial year.
Further, Section 29 of the CGST Act states that application for cancellation could be made if the person is no longer required to be registered in terms of 22 and 24 but other than a person who has taken voluntary registration.
And Section 22 mentions the works "in a financial year" and nowhere mentions previous/ preceding financial year.
HARSHIL JAIN
(MD)
(338 Points)
Replied 20 June 2019
thank you so much sir
one more confusion regarding CN/DN
how to make entries in gstr3b of that purchase return.. till now i have been doing purchase return as below mentioned
TOTAL TAXABLE SALE 100000 TAX @ 5% 5000
TOTAL SALES RETURN 50000 TAX @ 5 % 2500
TOTAL PURCHASE 200000 TAX @ 5 % 10000
TOTAL PURCHASE RETURN 25000 TAX @ 5% 1250
so in GSTR3B COLUMN 3.1 TAX ON OUT WARD SUPPLIES
now total taxable value according to portal help section showing is total sale - credit notes(sales return) + debit notes(purchase return)
so my total taxable value is 100000 - 50000 + 25000 i.e. 75000/- (this figure to be filled in taxable value)
and in COLUMN 4 ITC
I will claim an amount of rs 10000 on purcahse of rs 200000 @ 5 %
PLZ CLARIFY THAT IS THIS A CORRECT WAY TO FILL THE ENTRY IN GSTR3B COLUMN
Amit
(CA Practice )
(107 Points)
Replied 20 June 2019
Will Interest on Term deposit be part of aggregate turnover ?
CA Mayank A Jain
(Chartered Accountant in Practice)
(1260 Points)
Replied 20 June 2019
Dipesh Jha
(PRACTICE )
(673 Points)
Replied 23 June 2019
CAclubindia
