Government may seek explanations for discrepancy in Income Tax, GST returns Government may seek explanations for discrepancy in Income Tax, GST returns Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

« GST - Goods and Services Tax »

Government extends deadline for filing April GSTR-3B by 2 days till May 22
GIST Of Recent Pronouncements On GST
GIST Of Recent Pronouncements On GST
5 possible moves expected from today's big GST meeting
Hindustan Unilever makes the most of the GST regime
GIST Of Recent Pronouncements On GST
GoM on sops for digital payments under GST to study revenue impact
First Case On Anti-Profiteering Provisions In GST
Government may seek explanations for discrepancy in Income Tax, GST returns
GSTN to rope in private entities for tax payer profiling, fraud analytics
Companies start getting notices for mismatch in tax returns, underpayment; details here
Simplification of return form on agenda of GST Council meet tomorrow
Concept Of Input Service Distribution In GST
GIST Of Recent Pronouncements On GST
Final GST Return


« First Case On Anti-Profiteering Provisions In GST...	GSTN to rope in private entities for tax payer profiling,... »
Government may seek explanations for discrepancy in Income Tax, GST returns

May, 09th 2018
GSTR 9 is a return to be filed once a year by registered taxpayers under GST. It is a detailed collation of sales and purchases made during the year by a company In a bid to boost measures against tax evasion, the government may ask taxpayers to explain any discrepancies between their income tax and GST returns. For this, the authority is looking to add a section in annual GSTR 9 form, reported Mint. GSTR 9 is a return to be filed once a year by registered taxpayers under GST (Goods and Services Tax). It is a detailed collation of sales and purchases made during the year by a company under the three different tax heads — central GST, state GST and integrated GST. In talks with the publication, an official familiar with the matter shared the information. Moneycontrol couldn’t independently verify the report. According to the report, the deadline to file income tax returns is September 30 and GST annual return is December 31. Ahead of filing the ITR, the law requires firms to audit their results. This audited financial statements along with a reconciliation statement needs to be mentioned in the GST Return. In the run-up of the last date, the form is in process to be put into place. In the final form drafted for the annual GST return, the taxpayers can be asked to disclose details of their income tax declaration and explain the discrepancy, if any, said the official.