Consignment sales Turnover GST vs Financials

gokul j (student) (25 Points)

03 February 2022  
Hi,

If a person is engaged in consignment sales (principal - agent), The turnover as per GST will include the consignment sales also (Invoice issued in the name of consignee) where as in financial statement as per Income tax act, the turnover will not include the consignment sales.

My doubt is, wont it be an issue when preparing GSTR 9C which requires reconciliation of turnover as per Financials and turnover as per GST ?

or is there any other way of accounting consignment sales ?

thanks in advance....