What's process to inform GST dept about missed sales of exempt good reproted for financial year 2017-18 for composition scheme trader ,as it will lead to turnover mismatch in GST return and that quoted in income tax return?Is there tax liability on sale of nil rated good by composition scheme trader and will there be penality on reporting missed sales of exempt good?
thanks
7 Replies
KRISSHNAN KP
(4215 Points)
Replied 11 June 2020
It depends upon the department view and they take necessary action
Ramesh patel
(Business)
(190 Points)
Replied 11 June 2020
My query is field return can't be revised , so then what's the procedure to inform GST dept for missed sales, can they pass order to rectify the same in their judgement ?
Ramesh patel
(Business)
(190 Points)
Replied 11 June 2020
Annual return is already being filed sir., I know return once filed can't be revised.
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 11 June 2020
It's better to inform about the same by putting mail to your jurisdiction Tax Officer. Prepare the reconciliation statement for the same & keep hard copy of mailed sent to officer for any clarification in future.
NOTE : As per Notification 1/2018 CT , Effective from 1/1/2018 The composition Trader who is NOT in MANUFACTURERS or in supply of Restaurant Services is not liable to pay GST on Exempted Turnover.
SO if you are Trader & made any Exempted supply before 1/1/2018 then you were liable to pay GST @ 1% on same & if the same has not been deposited then deposit with Interest @ 18% & file DRC 03 .
The Penalty can be impose by officer u/s 122(1)(X) or u/s 125 of CGST Act .
NOTE : As per Notification 1/2018 CT , Effective from 1/1/2018 The composition Trader who is NOT in MANUFACTURERS or in supply of Restaurant Services is not liable to pay GST on Exempted Turnover.
SO if you are Trader & made any Exempted supply before 1/1/2018 then you were liable to pay GST @ 1% on same & if the same has not been deposited then deposit with Interest @ 18% & file DRC 03 .
The Penalty can be impose by officer u/s 122(1)(X) or u/s 125 of CGST Act .
Ramesh patel
(Business)
(190 Points)
Replied 18 June 2020
@ pankaj rawat sir , which form is required to show sales that is not liable for tax?
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