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Gst turnover with Income Tax turnover

Asif Ali (B.Com) (323 Points)

07 December 2020

Experts please tell me if my gst turnover is nil in gstr-3b and non-gst receipt is rs. 15,00,000. How will be treated in itr-4

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9 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14805 Points)
Replied 07 December 2020

Will you please elaborate non GST supply 15,00,000/-?. ( source of income )

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Asif Ali (B.Com) (323 Points)
Replied 07 December 2020

Sir this is a gross receipt of rs. 15,00,000 in credit side of P&L account due to excess of puchase over sales for the purpose of calculation of net profit. Tell me the solution please.....

JATINDER KUMAR (Accountant) (3662 Points)
Replied 07 December 2020

Why are you not show sales in GSTR 3B return ?

Asif Ali (B.Com) (323 Points)
Replied 07 December 2020

Dear Sir reason for not showing sales in Gstr-3B Return because this is not gst Sales. Sir i want to know that in this case this rs. 15,00,000 will be show where in ITR-4.

Asif Ali (B.Com) (323 Points)
Replied 07 December 2020

Sir I am attaching P&L Account for example a firm is registred under GST and the Turnover of GST is NIL.

Sir i am totally confused about the turnover.

Attached File : 1153014 20201207142655 malik communication.xls downloaded: 66 times

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JATINDER KUMAR (Accountant) (3662 Points)
Replied 07 December 2020

Mr. Asif Ali

Please provide details of Gross receipts ?

You need to report every type of sales in GST return like Non GST supply / Exempt supply

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Asif Ali (B.Com) (323 Points)
Replied 07 December 2020

SIR MY ANOTHER QUESTION IS IF PURCHASE IS MORE THAN SALES FROM RS. 3,00,000 THAN WHAT ITEM I WILL ADD IN CREDIT SIDE OF P&L ACCOUNT FOR CALCULATING GROSS PROFIT.

Asif Ali (B.Com) (323 Points)
Replied 07 December 2020

DEAR SIR MY LAST QUERY PLEASE IF I WANT TO SHOW NET PROFIT RS. 3,78,624 IF MY SALES AND PURCHASE ACCORDING TO GST. SALES RS. 28,34,188 AND PURCHASES RS. 28,81,066 BOTH ARE GENUINE. I AM ENCLOSING EXAMPLE SHEET HEREWITH.

THANKS.

Attached File : 1153014 20201207155421 sony enterprises.xls downloaded: 56 times

SHUJATH AHMED (153 Points)
Replied 07 December 2020

Do reverse working,add your revenue expenses to the net profit as shown above and arrive at the gross profit,any excess in the debit side of the trading account should be deducted from sales on the credit side of the trading account,the balancing amount should be considered as Closing Stock.