No gst sales in fy 2023-2024 but earned by commission
This query is : Resolved
Quick Summary
05 April 2024
I have gst proprietorship firm and have gst commission income but no gst sales.Will I will be required to make a audit by a ca firm? Please advise urgently?
Nikhil Kaushik
(Expert)
05 April 2024
that depends on the turnover.
05 April 2024
Commission received is Rs1300000/ thirteen lakhs only
05 April 2024
There are no sales turnover
Nikhil Kaushik
(Expert)
05 April 2024
commission income is also sales only na.
05 April 2024
Yes sales as per gst.so income tax audit required or not?
CA R SEETHARAMAN
(Expert)
06 April 2024
Income tax audit not required as turnover within the limit.
Nikhil Kaushik
(Expert)
06 April 2024
at 13 lakhs commission income, no audit is required. However, you are required to maintain books of accounts and file ITR-3. No presumptive taxation is permitted in this case.
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