No gst sales in fy 2023-2024 but earned by commission

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A GST proprietorship firm earned £1.3 million in commission income during FY 2023-2024 but had no GST sales. Despite the commission being considered sales under GST, an income tax audit is not required as the turnover is within the prescribed limits. However, the firm must maintain proper books of accounts and file an ITR-3, as presumptive taxation is not applicable in this scenario.

ARUN GUPTA

ARUN GUPTA (Querist)
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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

Nikhil Kaushik (Expert)
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05 April 2024 that depends on the turnover.

ARUN GUPTA

ARUN GUPTA (Querist)
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05 April 2024 Commission received is Rs1300000/ thirteen lakhs only

ARUN GUPTA

ARUN GUPTA (Querist)
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05 April 2024 There are no sales turnover

Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 April 2024 commission income is also sales only na.

ARUN GUPTA

ARUN GUPTA (Querist)
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05 April 2024 Yes sales as per gst.so income tax audit required or not?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 April 2024 Income tax audit not required as turnover within the limit.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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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