A contractor has received payment in 26th march 2018 and he has shown in April gstr 3b. Now the problem is though the payment is received in march ,its shown in next financial year. Now at the time of preparing the IT return how can this amount be shown in the IT return. As TDS also deducted For FY 2017-2018.Any suggestion in this regard.
24 May 2018
@Mr. Ashim Kr Ray.,
The Contractor received the payment on March 18. Then Why he is shown April return...?
What is the reason for showing April?
As because total sales/service made in one month ,has to be submitted in next 20th of month.And moreover he has received the payment on 26th march and on 18th march he has already submitted GSTR 3b.That the reason
25 May 2018
The contractor issued bill in a month and he received payment in March-18. Then It will be hown in FY 2017-18.
Why its going to FY 18-19...?
Govt allowed the return date in next months 20th. Then the return will be treated FY 2017-18 and any payable r receivable will be accounted as liability/current assets
25 May 2018
Ok that means though the return of 3b has been made in April 18, but it is for FY 2017-18,not for FY 2018-19. As like salary of march has been paid in April and has to be treated as payable in liability side. So at the time of fill ITR Turnover has to be shown upto April 18.Am i right Sir.
25 May 2018
As per your 1st query with last query... Yes... Your point of view is correct. But, The view is wrong...
We will be file our March month transactions in next month. So, the return filing in or before due. We will calculate turn over from the day of 1st April to 31st March... So, Turn over is based on FY...
25 May 2018
Right Sir i understand i have to calculate turnover from 1st April to 31st march, but still stuck to the point what to do with the amount of march month that has been shown in April 18 in 3b. Whether i have to take that amount in FY 2017-18 or it will be calculated in Fy 2018-19.
25 May 2018
I can't understand your query... If are asking March details file on April 18 or Any March transactions missed in filing of March GSTR 3B and You ll show it on April GSTR 3B...?
25 May 2018
Sir Simple query suppose you make sale Rs10000 in march 18. you show in April 18 return in Gst .FY 2018-19. Now suppose in FY 2017-18 total sales you make 1,00,000(April 17 to feb 18= Rs 90000) and Rs 10,000 in MArch18. As you shown march amount in April 18 in GST return. At the time of filing ITR what amount you will be shown in Turnover in GST. for FY 2017-18, whether Rs 90000 or Rs 100000. This is as becoz from April to MArch 2017-18 in GST return amount will shown Rs 90000. Hope you get my point.
25 May 2018
Actually last query my was wrong, I had made a mistake You are right now i understand what you " We will be file our March month transactions in next month. So, the return filing in or before due. We will calculate turn over from the day of 1st April to 31st March... So, Turn over is based on FY.."
Thank you though i had had made a mistak miss the march return and has submitted in April 18 the same.And then get confuse.GSTR 1 up to march has been submitted i think cannot be alter now.
25 May 2018
Well done... Finally You are perfectly coming to the point... If you are missed the value is March then You ll file in Your next GSTR 3B return (April)... If You are filed it correctly in your GSTR 1 return then no need to worry....
In March You have any tax liability with the missed value then pay it with interest...
Also You ll account the missed values in March and Just carry forward the liabilities to next month. It's mean You ll show the T/O in March and Liability tax can be forward to April...
CAclubindia
