Doing Real estate businesses..
For Eg Flat cost Rs. 30 Lakh amount received in installments for ₹10 lakh each in F y 16-17 FY 17-18 & last in
F Y 2018 -19 we have paid GST on both the installments and showing same as B2C in GST3B as well as GSTR1 now sale deed will be made in F Y 2018-19 as per income tax in this year revenue will be booked as turnover my question is that what should i take as turnover for GSTR9 as the same is never matched with my Tax Audit report (both have different computation methods) how to do 9C reconcilation??
11 Replies
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 06 June 2019
Turnover will be taken as per GST laws
Meet Shah
(ACA)
(178 Points)
Replied 06 June 2019
then how to reconcile the same with Audited Financial Statement
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 06 June 2019
There are particulars given in gstr9c format. If no soecefic reason match with your case give in others
Meet Shah
(ACA)
(178 Points)
Replied 06 June 2019
As in Income Tax My Turnover will be zero in my F Y 2017-18 as no sale deed made all amount will be in WIP now in GST turnover will be ₹10 lakh in F Y 2017-18 then how to reconcile??
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 06 June 2019
Reconciliation to be made between books of accounts and gst return. ITR does not play a role in reconciliation.
Meet Shah
(ACA)
(178 Points)
Replied 06 June 2019
sir its says reconcile with audited financial statements ..
if you say so then my books also shows turnover zero as all will be in WIP .. then also my books will not tally with GST
if you say so then my books also shows turnover zero as all will be in WIP .. then also my books will not tally with GST
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 06 June 2019
No question of Turnover arise , you can easily show such transactions.
For 2017 -18 In GSTR 9
Under Table 4 (F) report 10000 /-
(Advanve on which Tax paid but No invoices issued)
Now lets assume your total turnover ( is 500000/- (Sale B2c ) & in p&l also you have shown 5lac
So in GSTR 9 , the total turnover (5n+10 ,11) is going to Autopulate in table 5Q of GSTR 9 C which will be 5.10 lac fine .
Now come to GSTR 9C
Under table 5(A) , you are liable report total turnover as financial Statement Rs. 5lac & in Table 5 (C) report Rs. 10000(Value Advances on Which GST has been Paid.... ) Its going to add to 5(A) ,which comes to Rs.5.10lac will get tally with Fiqure Autopopulate in 5Q ,Rs. 5.10 from GSTR 9 (5N+ 10,11)
Hence no reco statement is required
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 06 June 2019
Ca Meet shah
Report 10 lac in table 4(F) of GSTR 9
& In GSTR 9C Report Rs.10 lac in table 5C , the 5C fiqure will get tally with 5Q which is being autopopulated from Gstr9 , so No question turnover arise , as Turnover is Nil ( in table 5A)
Kindly refer above Example in my reply
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