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Annual turnover

30 November 2020

sir
what happen when the Annual turn over of the Balance sheet is not tally with the Annual turn over from GSTRB .
Any solution to solve this.

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6 Replies

ayusmita (Tax consultant) (5885 Points)
Replied 30 November 2020

Reconciliation it and see where this difference is

Shivam RC (Student) (23683 Points)
Replied 30 November 2020

It generally does not tallies due to reasons such as the SCHEDULE I Transaction ( Supply even if no consideration is involved ), which are recorded in the GST Returns but not shown in the Balance Sheet due to non-financial transaction. As per the Fundamental Accounting practises, Non Cash Transaction are not recorded in the Financial Statements.

So you have to reconcile them and find out the difference...

Vijayprakash P (1313 Points)
Replied 01 December 2020

Reconcile your transactions to find out thr difference.

Mebawansuk Nongkynrih (162 Points)
Replied 01 December 2020

What if there is a wrong entry in the GSTR 3B

ayusmita (Tax consultant) (5885 Points)
Replied 01 December 2020

Then Retify it

Mebawansuk Nongkynrih (162 Points)
Replied 02 December 2020

Madam if we rectified the mistakes in gstr3b but the FY of the previous year because Gstr9 has not been yet filed, so what is the solution or any suggestion