TOTAL SALES/TURNOVER AS PER BALANCE SHEET/ GST RETURNS

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21 Points Posted on 08 April 2022

IN GSTR-1  SALES/TURNOVER  SHOWS  INCLUDE PACKING/FORWARDING CHARGED IN SALES INVOICE 

BUT IN TRADING ACCOUNT  SALES/TURNOVER  WITHOUT PACKING/FORWARWARDING CHARGES

IS PACKING/FORWARDING TRANSFER IN SALES ACCOUNT AT THE YEAR END  OR NOT   ?

FOR  RECONCILE  SALES/TURNOVER  WITH GST RETURNS

PLEASE CLEAR THIS MATTER

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On 08 April 2022 at 12:28 Report
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Quick Summary
This discussion clarifies how packing and forwarding charges are treated for GST and balance sheet reporting. While GST returns (GSTR-1) include these charges as part of sales turnover, the trading account typically reports actual sales without them. The packing and forwarding charges are often transferred to the sales account at year-end to reconcile the figures.

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Practising CA
5649 Points Posted on 10 April 2022
Packing forwarding charged in sales invoice shall form part of the sales in trading account.
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On 10 April 2022 at 00:41
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Profession
19974 Points Posted on 10 April 2022
Generally for reporting in statutory forms specially actual sales are being reported.
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On 10 April 2022 at 09:56

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