Income-Tax portal showing GST Turnover

The I-T system generates Form 26AS for each assessee which till a year ago had limited information related to tax deducted at source and interest income from saving bank accounts.

The revenue department clarified that the GST turnover details available to taxpayers on income-tax portal (Form 26AS) is aimed at providing additional information to the assessees without any extra compliance burden.

Know more: https://www.financialexpress.com/economy/income-tax-portal-showing-gst-turnover-to-better-compliance-govt/2129794/

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IS GSTR – 3B IS FINAL?

No, GSTR -3B is not final. The dealer has to file GSTR 9 (Annual Return) and if turnover is above the prescribed limit, GSTR 9C (GST Audit – Reconciliation Statement) has to be filed. The turnover reported in the GSTR-9 and 9C is final, which shows the actual reconciled turnover with books for the particular financial year.

RESULT OF SHOWING TURNOVER AS PER GSTR -3B IN 26AS:

When, the GSTR -3B is not the final return, the turnover reported in GSTR 3B is not final, then what is the meaning of showing it in 26AS. This will result in nothing but the unwanted and uncalled litigation.

Showing of GSTR -3B turnover in form 26AS is nothing but like eating Raw or Half cooked Khichadi which is sure going to give you a very bad stomach ache. It’s nothing but launching the faulty rocket in the Space which by sure is going to be burst in flames.

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