Question ID :
40400
Contractor's GTO
As per the GST Law, Gross receipts of Govt Contractor is suppose to be reduced by the GST and accordingly Turnover is to be shown under GST. But if we show the same turnover in income-tax, it would mismatch with 26AS receipts. In either case, difference in GTO would result in scrutiny. What should be the appropriate way for income-tax return as well?
Posted by
SURAJ KUMAR CHOUDHURY
on
Sep 21, 2019
Filed Under
GST
It is better to show turnover as per 26AS for income-tax purpose. The government is deducting GST TDS and paying to GST, at the time of payment of bill or some times when billing is done. But, for income-tax purpose it is doing TDS as and when pay the total bill.
Definitely, there is inherent because turnover data will be shared by GST & IT Department. For deviations we have to get it ready to explain.
Posted by
santhoshreddy.m on
Oct 03, 2019