Arjuna (Fictional Character): Krishna the due date to file income tax returns for some taxpayers for the year 2017-18 is 31st July. It is said that in the Income tax Returns, GST details are also required to be given. Who needs to give these details and how these details are to be given?
Krishna (Fictional Character): Arjuna, in the financial year 2017-18 VAT was applicable for 3 months while GST was levied for the period of 9 months. Before this details of Indirect Tax was never asked in the Income Tax Returns but now government is asking to provide details of GST in the Income Tax Returns.
Arjuna: Krishna which type of taxpayer need to provide GST details in their Income Tax Returns?
Krishna: Arjuna, people who have income from business & profession and who are registered in GST are required to provide GST details in their Income Tax Return. Taxpayers who have income from salary or other sources are required to file ITR 1 and 2 respectively, no GST details are required to be given in these ITR’s.
GST details would be required to be furnished in ITR 3 to ITR 6. Individuals and HUF carrying out business activities and not required to get audited are required to file ITR 3 or 4 before 31st July.
Arjuna: Krishna in ITR 3 what information of GST is required to be given?
Krishna: Arjuna in ITR 3 the following details regarding GST needs to be given-
1. The taxpayer is required to furnish details of taxes levied on sale (CGST, SGST, IGST, and UTGST) and these details needs to be matched with the electronic liability register on the GST portal.
2. The taxpayer is required to provide details of CGST, SGST, IGST, and UTGST paid on purchases and the credit taken thereof, these details should be matched with the electronic credit ledger available on the portal.
3. Taxpayer is also required to furnish details of taxes paid under GST. These details should be matched with the electronic cash ledger available on the GST portal.
4. Tax payers are required to mention in the Income Tax Return amount payable as on 31st March 2018, in relation to CGST, SGST, IGST, and UTGST
5. If any GST refund is receivable from the government and not credited to Profit & Loss account then the details of the same are required to be given in the Income Tax Return.
Arjuna: Krishna what details regarding GST is required to be given in ITR 4 ?
Krishna: Arjuna in ITR 4 the taxpayer is required to provide Turnover/Gross Receipts under GST as mentioned in the GST returns. These details can be taken by the taxpayer from the GSTR 1 filed by them. Also the taxpayers are required to furnish the GST Registration number in the Income Tax Return.
Arjuna: Krishna what lesson one must take from this?
Krishna: Arjuna , this is the first year of GST and taxpayers might have committed many mistakes in this year. It would be an uphill task for the taxpayers to match their GST returns with their Books of Accounts. But taxpayers must match it before filing the Income Tax Return.
Author Bio
i am house wife. i am having GST No, for my home based product sales. hardly i am doing 3 or 4 times sales per year and yearly turn over around 1.2 to1.5laks and profit of 60000 to 80000 per year. no other income for me from any other source.
whether i have file ITR.
What if the income from profession is less than 1.20 lacs & not registered under GST .Can ITR 4 still be filed?
What if Someone forgot to mention GST Details in in ITR4 but shown sales in 44Ad is there any penalty, if the gross receipt is correct in 44AD as per GST return
sir,,i don’t know gst in 2017 or 18 there are many misteks in ITR FILING OR GST FILE in different statement,, my shop turnover about 19500000 but Gst filling are 15500000 in the gst or itr different 40lakh so gst office send me notice for audit or not a finally memo issue but there officers are demanding approxlly 98 lakh penalty,,,why
I AM TRYING FILE ITR 7 BUT SCHEDULE A1 SHEET UNABLE TO TAKE ENETRY .HOW I DO U SOLVE
Which amount should show in ITR-4 (With GST Tax amount or Without GST Tax amount)
Sir, if the details pertaining to GST have to be mentioned in Profit & Loss account of respective ITR’s, but then no GST on sales or purchases or paid or payable is accounted thru P&L in the books maintained. Whether we have to change the presentation of the same P&L account for the purpose of reflecting GST details in ITR.
If any GST refund is receivable from the government and not credited to Profit & Loss account then the details of the same are required to be given in the Income Tax Return. but which column to given the amount in ITR 3 return form.
How a partner of a firm filing ITR3 can show the GST details as it has already been detailed in ITR5 of the firm? Individual partners do not have GST registration.
if a busness is not liable for GST registraion, for example agricultural produce warehouse, but its turnover is more than 20 lakh, how should we clarify this fact in the income tax return