Income tax June 27 GST turnover mandatory to file I-T return
June, 28th 2018
To check tax evasion by comparing direct and indirect tax numbers, the income tax department has mandated to furnish GST turnover in the I-T return filing. But, this may lead to high number of discrepancies, said leading chartered accountants.
Under the ITR-4, assesses, who have presumptive income from business and profession will have to furnish their GST registration number and its turnover.
Indore chapter of Institute of Chartered Accountant chairman Abhay Sharma said, “There is a huge possibility of discrepancies arriving in the ITR for 2017-18 since GST turnover will differ from the I-T turnover due to various technical issues.”
Sharma said the mismatch may result in invalidating the ITR forms and in some cases may invite notices to the assessees.
CAs said GST turnover will be for nine months since the date of roll out in July 2017 while the turnover as per the book of accounts will be of 12 months. CA Som Singhal said, “As clients are still settling down with GST, the government should have made this requirement from the next financial year.”
According to I-T officials, assessees will not face any problem in filing the ITR with GST details. The department has upgraded e-filing portal in all the categories of ITR’s for ease of filing and minimizing interface.
I-T principal commissioner Shelley Jindal said, “Our focus is on voluntary compliance and redressal of grievances has been in sharp focus and disposal rates are at an all-time high.”
He added that in Range-4, Indore, 98 per cent of all grievances filed during last year were disposed of on time.