For determining the eligibility for the GST Audit, do I need to consider the turnover as per the financial statements or I need to compute it separately?
It has to be considered separately as the turnover given in the Financial statements is based on the accounting standards and for GST it is based on Aggregate Turnover and Supply also includes some transactions even if consideration is not received as detailed in Schedule 1 of CGST Act.
FAQ – 8 : A Taxpayer has operations in three different states and his total turnover as per GST in all the three states is Rs 2.25 Crs. Turnover in State A is Rs 2.04 Crs, State B is Rs 14.00 Lacs and turnover in State is Rs 7.00 Lacs. Does the taxpayer has to file GSTR – 9C only for State A or all the three states?
The taxpayer has to file GSTR – 9C for all the states. As Section Section 35(4) uses the word “turnover” and it is not defined anywhere in the Act but Rule 80(3) the wording used is “aggregate turnover”. There are additional wordings used in 35(4) “in such form and manner as may be prescribed” meaning the process and other provisions as prescribed, that means here we can conclude that the Rules do not override the Act.
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As per the Final GST Returns, the taxpayer has to enter the aggregate turnover in GSTR – 1 for the previous year in the first year and from the subsequent year the same will be auto populated.