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Meaning Turnover u/s 44AB clause a
while calculating turnover u/s 44AB(a) Whether GST included or not?
Replies (4)
Quick Summary
Generally net gst payable or receivable will be shown in balance sheet only . sales and purchases and other expenses will not include gst
But section 145 A of income tax says that indirect tax to be in included in the sale purchase amount
That section is exclusive for calculating income chargeable under pgbp . for the purpose of turnover gst has to be excluded . else if one opts for 44 ad ,he will be having presumptive income for the gst portion also which is not his earning . Since the gst recovered from customer is adjusted with gst paid and remaining is remitted to govt , it is not a part of your turnover .
Ok thank you sir for solving my doubt
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