Tax audit T/o & GST Return T/O

This discussion addresses a common GST query regarding the reconciliation of turnover figures between tax audit reports and GST returns. The core issue arises when fixed assets are purchased, with Input Tax Credit (ITC) claimed. While the GST return reflects this as a purchase, accounting books treat it as an asset. This leads to a difference between 'purchases' as per GST returns and as per books, requiring a reconciliation process.