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GST Turnover vs Bank Credit total

Tax queries 862 views 8 replies
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Tax Consultant
136 Points Joined March 2019

I am doing a sole proprietorship business. And also my business is registered with GST. As per GST Act actual net sales is Rs.78 Lakhs and my bank Credit total is Rs.1.38 Crore and bank debit total is Rs.1.36 Crore in current account. Now my doubt is how to treat extra amount in ITR filing? For my small idea if I'm doing another business (for example Money transfer) Shall i declare commission income Rs.60,000  (1% of 1.38Crore minus 78 Lakhs) in ITR. Please resolve my query. Thank you for advance.

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On 01 June 2024 at 23:08 Report
Replies (8)
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Practising CA
449 Points Joined September 2013
Bank credits should be carefully looked into..only income related shall be booked as sales..other should be filed as per its nature..like loans taken capital receipts or other nature as per the transaction
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On 02 June 2024 at 00:05
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Profession Business
28196 Points Joined May 2017
Post income and expenses separately
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On 02 June 2024 at 07:12
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Tax Consultant
136 Points Joined March 2019
In bank transaction Loan amount is Rs.1Lakh only. Remaining amount mostly comes under without GST sales (contravention provision of GST). So while filing ITR that remaining amount can i taking to commmision income Rs.60,000 (1% of extra amount Rs.6 Lakhs)?
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On 02 June 2024 at 07:49
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Practising CA
449 Points Joined September 2013
Commission income is generally credited in actual manner .it was 60000 credited you could claim it as commission..sincle it is 60 L receipt claiming 1% 60000 could be termed as income only not commission
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On 02 June 2024 at 10:11
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Tax Consultant
136 Points Joined March 2019
Ok sir Shall i declare this amount Rs.60,000 under heads of Income from Other sources in Other income?
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On 02 June 2024 at 10:19
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Practising CA
449 Points Joined September 2013
Remaining 60L has to be shown in appropriate head..60000 as per opinion has to be shown in business profit..but you have to properly segregate all transactions of bank credits first
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On 02 June 2024 at 11:19
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
@ Mr Selva,
As per Your query the excess amount is also a income.
You registered under GST. So, The said income aslo GST applicable.
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On 02 June 2024 at 13:07
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Tax Consultant
136 Points Joined March 2019
Thank you all for replied for my query.
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On 02 June 2024 at 18:18

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