Annual turnover

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163 Points Posted on 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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On 30 November 2020 at 08:47 Report
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Quick Summary
This discussion addresses the common issue where a company's annual turnover on its balance sheet doesn't match the figure reported in GSTR-B. A primary reason identified is Schedule I transactions, which are reported for GST purposes but not always reflected in financial statements as they may be non-cash or non-consideration based. The advice is to reconcile these transactions to identify the differences. If errors are found in GSTR-3B, they should be rectified, even if it's for a previous financial year before GSTR-9 is filed.

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Tax consultant
5895 Points Posted on 30 November 2020
Reconciliation it and see where this difference is
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On 30 November 2020 at 10:26
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Student
23693 Points Posted on 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...
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On 30 November 2020 at 14:05
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1313 Points Posted on 01 December 2020
Reconcile your transactions to find out thr difference.
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On 01 December 2020 at 09:26
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163 Points Posted on 01 December 2020
What if there is a wrong entry in the GSTR 3B
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On 01 December 2020 at 09:34
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Tax consultant
5895 Points Posted on 01 December 2020

Then Retify it 

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On 01 December 2020 at 10:53
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163 Points Posted on 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
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On 02 December 2020 at 00:26

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