Gst details while filing ITR 3

GST
1

What GST information do we need to enter in ITR 3 form, is it just the turnover in Schedule GST or any additional info like profit.

2

In ITR-3’s Schedule GST, you only need to enter your GSTIN and the Annual Value of Outward Supplies (Gross Turnover) as reported in your GST returns. Profit details are reported separately in the Profit & Loss (P&L) schedule and Schedule BP, not in Schedule GST.

3

So basically you need to enter:

GSTIN

  • Annual value of outward supplies/turnover as per GST returns
  • If you have multiple GSTINs, enter details GSTIN-wise separately.

You do not enter profit in Schedule GST.

Your business profit or loss is reported separately in the Profit & Loss Account and the business income schedules of ITR-3. ITR-3 is meant for individuals/HUFs having income from business or profession.

So, simply:

Schedule GST = GSTIN + GST turnover

Business profit = P&L / Business Income section

4
  1. GST turnover vs. business turnover: The turnover reported in the GST returns should broadly reconcile with the turnover reported in the ITR/books, after accounting for legitimate differences such as GST-inclusive figures, credit notes, advances, or timing differences.
  2. GSTIN: Where applicable, provide the GST registration details requested in the ITR.
  3. GST liability: GST collected from customers is generally a tax liability and should not be treated as your business income merely because it was received from the customer.
  4. Input Tax Credit: GST input credit is generally accounted for separately rather than being treated as a normal business expense when the credit is actually available.
  5. Turnover reporting: ITR-3 contains business/profession schedules where the relevant turnover and financial figures need to agree with your books.
  6. Reconciliation: Before filing, compare your GSTR-1, GSTR-3B, books of accounts, and ITR-3 to identify differences.
5

When filing ITR-3, provide your GST registration details and relevant GST turnover information as applicable.
Ensure the GST details in your ITR match your GST returns and business records to avoid discrepancies.