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1. • No

     • No, turnover under GST is not the same as turnover under the Income Tax Act. Turnover under GST includes only taxable supplies, while turnover under the Income Tax Act includes all revenue generated by the business.
     margcompusoft.com/m/turnover-under-gst/

     Understanding Turnover Under GST: Importance, Calculation ...

2. People also ask

   What if GST is included in turnover?

   • Inclusion of GST in the turnover would inflate the tax effect on the assessee, i.e., presumptive income shall also be computed on the component of GST which is never treated as income of the assessee. Kindly Refer to Privacy Policy & Complete Terms of Use and Disclaimer. ♦ Section 145A of Income Tax Act, 1961 ‘145A.

   Meaning of Turnover under Income Tax & Inclusion of GST | Tax Guru

   taxguru.in/income-tax/meaning-turnover-gross-receipts-income-tax-inclusion-gst.html

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   Can turnover be a one-to-one match under GST and income tax law?

   • First of all, turnover cannot be a one-to-one match under GST and Income tax law. However, this doesn’t mean that business person are relaxed with respect to this new checkpoint because department is going to analyse several trends and compliance in detail.

   GST Turnover v/s Income Tax Turnover - Babatax

   babatax.com/gst-turnover-v-s-income-tax-turnover/

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   Is GST a 'gross receipt' or 'turnover'?

   • 2. The term ‘gross receipts’/’turnover’ is not defined by the Income-tax Act, 1961. As such, the most prevalent opinion is that in absence of any definition the term ‘gross receipt’/’turnover’ the same should include GST and Cess which have been billed in the tax invoice issued in respect of supply of taxable goods or services or both.

   How to handle mismatch in turnover reported in GST returns and ITR

   thetaxtalk.com/2018/08/gst-returns-and-itr/

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   What if there is a huge difference between income tax and GST?

   • Thus, in short, if there is a huge variance in turnover shown under income tax as against the turnover shown under GST, then the tax payer or the business person would come under lens of both the department. Read Also: Books of Accounts -Section 44AA of Income Tax Act, 1961

   GST Turnover v/s Income Tax Turnover - Babatax

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3. babatax.com › gst-turnover-v-s-income-tax-turnoverGST Turnover v/s Income Tax Turnover - Babatax

   babatax.com › gst-turnover-v-s-income-tax-turnover

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   First of all, turnover cannot be a one-to-one match under GST and Income tax law. However, this doesn’t mean that business person are relaxed with respect to this new checkpoint because department is going to analyse several trends and compliance in detail.

4. taxguru.in › income-tax › meaning-turnover-grossMeaning of Turnover under Income Tax & Inclusion of GST

   taxguru.in › income-tax › meaning-turnover-gross

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   Jul 30, 2020 · Sec 145A is for determination of only income chargeable to tax, but not for determination of tax rate, thresholds etc. However, in the absence of any other definition of “turnover/ gross receipts” provided in the Act, it leads to different perspectives and interpretations.

5. taxconcept.net › gst › difference-in-26as-and-gstDifference in 26AS and GST turnover - TAXCONCEPT

   taxconcept.net › gst › difference-in-26as-and-gst

   Aug 6, 2023 · With the help of data analytics, the Government has noticed that certain Taxpayers are reporting turnover valuing crores in their GST returns but are not paying the appropriate Income Tax 26 AS.

6. thetaxtalk.com › 2018 › 08How to handle mismatch in turnover reported in GST returns ...

   thetaxtalk.com › 2018 › 08

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   Aug 3, 2018 · In view of above, the turnover/gross receipts for the purpose of computing presumptive income under section 44AD/44ADA would be inclusive of GST, as section 145 does not provide for any exception from ICDS to those paying income-tax on income derived on presumptive basis.

7. cleartax.in › s › gst-vs-income-taxGST vs Income Tax: Difference Between GST and ITR Filing

   cleartax.in › s › gst-vs-income-tax

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   May 16, 2024 · Income tax, governed by the Income Tax Act 1961, is a part of the direct tax system in India. On the other hand, the Goods and Services Tax (GST) is an indirect taxation system governed by the Goods and Services Act 2017.

8. www.taxmann.com › post › blogGST Turnover: A ticklish sound in GST Regime | Incorporating ...

   www.taxmann.com › post › blog

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   Dec 1, 2021 · Introduction. 2. Turnover under GST (For FYs 2017-18, 2018-19, 2019-20) 3. Illustrative List: Income in Financial Statement vs Aggregate Turnover in GST. 4. Practical Issues.

9. cleartax.in › s › gst-reconciliationGST Reconciliation and Matching: Importance and Procedure

   cleartax.in › s › gst-reconciliation

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   Sep 18, 2024 · What is GST reconciliation and matching? In general, reconciliation means comparing two sets of data entries to identify any differences or variances. It is done to correct the unintentional errors earlier committed or any omissions.