DECLARED SALES TURNOVER IN IT RETURNS IN F.Y. 20-21

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This discussion addresses a pharmacy retailer who declared Rs. 58 lakhs in sales turnover for FY 20-21 GST returns, but had an additional Rs. 10 lakhs in online sales (Google Pay, PhonePe) that were not reported. The key questions revolve around whether the total turnover should be Rs. 68 lakhs for IT returns, how to correctly pay tax on the undeclared Rs. 10 lakhs via DRC-03, and how to treat the Rs. 10 lakhs in bank transactions within the accounting books, confirming that direct bank credits from digital payments should be treated as such.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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20 January 2022 SIR,
A composite scheme registered pharmacy retaile business dealer sale of turnover rs:58 lacs declared in gst returns f.y. 20-21(CMP-08 RETURN AND GSTR4 ANNUAL RETURN FILED).dealer rs:58 lacs turnover sales from cash mode receipts. but dealer online mode (google pay and phone pay etc) sales turnover rs:10 lacs amount not reported in gst returns f.y. 20-21.
Question:
1.Dealer sales turnover rs:58 lacs or (rs:58+10) rs:68 lacs declared in it returns.
2.dealer sales turnover rs:68 lacs declared difference rs:10 lacs amount tax through DRC-03 pay correct.
3.dealer sales turnover rs:58 lacs declared rs:10 lacs bank transactions treatment (adjustment procedure) in books.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 January 2022 1. Total TO will be Rs. 68 Lakhs.
2. Yes, correct.
3. Cr. Sales
Dr. Bank Acc. (in case any bank account not linked to digital payment, create a virtual bank acc.)

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Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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20 January 2022 sir, all bank accounts linked digital mode transaction credit amount cash deposit treatment accepted in books.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 January 2022 Yes, its direct credits to bank via UPI, so treat it as bank credits only.

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