New Annual Information Statement for FY 2021 22 | GST Turnover & GST Purchase in AIS

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📍In this session we have discuss about updates in annual information statement for FY 2021-22. Now GST Turnover and GST Purchase will be reflect in updated AIS 2.0

1. Purchases reported under GSTR-1 of seller
The details of purchases (from GSTR 1 of seller) are received under information exchange MOU. This information may not reconcile with the purchases shown in the Audited Financial Statement/IT Return of the taxpayer due to many reasons such as non-GST purchases, GST purchases below the specified threshold etc.

2. Sales reported under GSTR-3B
Information pertaining to sales turnover in GSTR-3B are received under information exchange MOU. This information may not reconcile with the turnover shown in the Audited Financial Statement/IT Return due to many reasons such as Inter-Unit Turnover, Unbilled revenue, Unadjusted advances, Deemed supply, Credit notes, Trade discounts not permissible under GST etc.

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