GSTR 9C -Difference in TURNOVER BETWEEN GST AND Financial Statements

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This discussion addresses discrepancies between turnover figures reported in GST filings and financial statements. It explores how to reconcile these differences within GSTR 9C, particularly using the offline tool. The advice suggests using specific rows in Table 5 for adjustments like trade discounts, but stresses the importance of having valid documentation and reasons for any differences to avoid potential GST demands from the department.

Catherine

Catherine (Querist)

25 September 2021 Dear Sir/Madam,

The Turnover mentioned in GST does not match with the turnover shown in the Financial Statements.Is there any way of Adjusting it by including the differing amount in any of the following options provided in Table no. 5 (sheet name -PT II (5)) of GSTR 9C Offline Tool. For eg. Trade Discounts accounted for in the audited financial statements but are not permissible under GST.

CA Altamush Zafar

CA Altamush Zafar (Expert)

25 September 2021 All adjustments between differences in turnover of books and GST can be shown in GSTR-9C. There are specific rows for certain things and there is also a row for other reasons.
Match and fill accordingly.

Catherine

Catherine (Querist)

27 September 2021 Thank you for your response sir but won't they cross check and require documents to verify it ?Because if i put the difference in Trade Discounts how shall i provide details then or do i have to provide all the bills in case if the Assessing Officer asks?

CA Altamush Zafar

CA Altamush Zafar (Expert)

27 September 2021 Ofcourse there has to be a valid reason for difference.
Otherwise you may have to pay gst on it.

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