Changes in ITR forms and impact on maintenance of accounts :
• Issues
•Who needs to disclose the GST amount in P&L?
•Whether GST paid on Stock transfer to branch in other
state, needs to be included in the specified column?
• GST paid on RCM, need to be included in specified column?
• ITR- 4: For Presumptive income from Business & Profession
• “Turnover/Gross Receipts Reported for GST” needs to be disclosed
• Difference in turnover exist for reasons
• 3 months under earlier law and 9 month under GST law
• No concept of tax on “turnover made from self” i.e. transfer to branches & units in other states under IT act. However taxable under GST.
• Turnover wrongly reported in GST Return and rectified at the time of filing subsequent return or at the time of filing Annual Return. Whether/where to be reported?
• Difference b/w Turnover under GST and Income head under Business and profession could be due to
• Rent offered under HP
• Interest offered under IFOS etc.
• Capital Goods sold – Turnover will be declared in GST return and profit/loss in P&L.
ITR- 6: For Companies other than those claiming exemption under section 11
• Column 2:Expenditure will be for 12M and other columns will have for 9M
• Expenditure booked under P & L to be bifurcated under two heads
a) Expenses from registered dealers
b) Expenses from un-registered dealers