GST Variance in IT
This query is : Resolved
Quick Summary
11 May 2023
Respected Experts,
While preparing Financial Statements of one of my friends Prop Business, i observed that he has erroneously omitted few Sales Transactions in GST, which resulting variance between IT Turnover and GST
It is a Non Tax Audit Case
Since we are declaring 100 % Actual Sales in Income Tax, will there be any consequences for the variance happened in GST?
Kindly advise
While preparing Financial Statements of one of my friends Prop Business, i observed that he has erroneously omitted few Sales Transactions in GST, which resulting variance between IT Turnover and GST
It is a Non Tax Audit Case
Since we are declaring 100 % Actual Sales in Income Tax, will there be any consequences for the variance happened in GST?
Kindly advise
CA R SEETHARAMAN
(Expert)
12 May 2023
File GST annual return and report right GST turnover..
Notice may be issued from GST department.
Notice may be issued from GST department.
12 May 2023
Respected Sir,
Thanks much for the valuable response !
Hope there will not be any issues from Income Tax Point of view
Thanks much for the valuable response !
Hope there will not be any issues from Income Tax Point of view
CA R SEETHARAMAN
(Expert)
12 May 2023
Income tax you reported higher turnover hence no issues.
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