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Meaning Turnover u/s 44AB clause a

Rajvir Pahwa (23 Points)

29 October 2020

while calculating turnover u/s 44AB(a) Whether GST included or not?

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MAHARAJA SELVA ESWAR (285 Points)
Replied 29 October 2020

Generally net gst payable or receivable will be shown in balance sheet only . sales and purchases and other expenses will not include gst

Rajvir Pahwa (23 Points)
Replied 29 October 2020

But section 145 A of income tax says that indirect tax to be in included in the sale purchase amount

MAHARAJA SELVA ESWAR (285 Points)
Replied 30 October 2020

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 .