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WHAT IS THE ANNUAL VALUE OF OUTWARD SUPPLIES (SCHEDULE GST) IN ITR-5

Others 4977 views 1 replies

Hello everyone!

I have a query and seek your help.

While filling Schedule GST in ITR-5 of Income-Tax, it is asking for value "Annual Value of Outward Supplies" in the year. What shall be the figure here-

1) Taxable Value of Outward Supplies

or

2) Taxable Value of Outward Supplies + GST

 

also, in GST Returns, we calculate Taxable Value as :Value of Goods + Delivery Charges (if any), and the GST is calculated on the sum of above. However, for Income Tax Purposes, we show Sales as :Value of Goods only. Hence, there ought to be a mismatch between the Taxable Value figure of GST and Sales figure in P/L account of ITR. Will there be any clarifications asked by the Department.?

Thanks in advance for your Help.

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