{"id":8994,"date":"2020-11-14T18:04:46","date_gmt":"2020-11-14T18:04:46","guid":{"rendered":"https:\/\/sunkrish.com\/?p=8994"},"modified":"2020-11-17T08:14:55","modified_gmt":"2020-11-17T08:14:55","slug":"gstn-portal-now-displays-annual-aggregate-turnover-for-previous-financial-year","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2020\/11\/14\/gstn-portal-now-displays-annual-aggregate-turnover-for-previous-financial-year\/","title":{"rendered":"GSTN Portal now displays Annual Aggregate Turnover for Previous Financial Year"},"content":{"rendered":"
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In a statement, the Department of Revenue (DoR) reiterated that there will be no extra compliance burden on the taxpayers for GST turnover displayed in the Form 26AS, which is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN). <\/em><\/figcaption><\/figure>\n

Prime Minister\u00a0Narendra Modi\u00a0launched GST into operation on the 1 st of July, 2017.\u00a0GST was publicised as \u2018one nation, one tax\u2019 by the government, aimed to provide a simplified, single tax regime. \u00a0GST is a dual levy where the Central Government levies and collects Central GST (CGST) and the State levies and collects State GST (SGST) on intra-state supply of goods or services.\u00a0Centre also levies and collects Integrated GST (IGST) on inter-state supply of goods or services. The GST Portal is a website\u00a0where all the compliance activities\u00a0of GST can be done before and after GST login. Activities such as the GST registration return filing, payment of taxes, application for refund, etc. can be done on the\u00a0GST Portal.<\/p>\n

GSTN, recently launched many new features on GSTN portal. One of its features is that GSTN portal is now showing aggregate annual turnover for previous financial year after logging in to the portal.<\/p>\n

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The GST turnover is being shown in 26AS just for the information of the taxpayer. DoR acknowledged that there may be some differences in GSTR-3Bs filed and the GST shown in the Form 26AS but it can’t happen that a person shows turnover of crores of rupees in GST and doesn’t pay a single rupee of income tax.<\/p>\n

The DoR said that the notified Income Tax Return for the current AY 2020-21 already requires reporting of GST outward supplies in the Schedule GST.<\/p>\n

Therefore, the information displayed in Form 26AS would provide ease of compliance to the taxpayers in filling Schedule GST.<\/p>\n

The revenue department has noticed that many unscrupulous persons are trying to avail or pass on input tax credit fraudulently by generating fake invoices and has already formulated a strategy for identifying these fake invoice generators which inter alia takes into account the income tax profiles of the suspected fake invoice generators.<\/p>\n

These persons in most of the cases never file their income tax returns or disclose very meagre taxable income in the income tax return.<\/p>\n

The suspected fake invoice generators are being identified for serious action under GST and other laws including suspension of their GST registration based on the fact that whether their income tax payment commensurate with the expected profit margin on turnover reported by them in the GST returns, the DoR said.<\/p>\n<\/div>\n\n\n

What \u201caggregate turnover\u201d means?<\/strong><\/p>\n\n\n\n

\u201cAggregate turnover\u201d is the aggregate value of all taxable supplies, exports of goods or\/and services or both, exempt supplies and interstate supplies of persons having the same PAN, to be computed on all India basis. However, such taxable supplies do not include the value of inward supplies on which GST is being paid under reverse charge basis. The aggregate turnover also excludes Central tax, State tax, Union territory tax, Integrated tax and cess.<\/p>\n\n\n\n

Basically, sum of the following shall be considered as an aggregate turnover:<\/p>\n\n\n\n