Sage-Tips

Is GST and ITR linked?

Taxpayers who have income from salary or other sources are required to file ITR 1 and 2 respectively, no GST details are required to be given in these ITR’s. GST details would be required to be furnished in ITR 3 to ITR 6. Taxpayer is also required to furnish details of taxes paid under GST.

Is GST and ITR are same?

The main difference between GST and Income tax is, GST is levied on consumption of goods and services whereas Income tax is levied on income earned in a financial year. In way of collecting the tax, GST is the indirect tax paid to the government whereas Income tax is the direct tax paid to the government.

What is the difference between GST filing and ITR filing?

The significant difference between GST and Income Tax is that the GST is levied on the consumption of the goods and services, whereas income tax is levied on the income of a person. In a way, GST is an indirect tax, whereas income tax is a direct tax.

How can I check my GST in income tax portal?

Step 1: Visit the GST portal website (www.gst.gov.in) and log in. Step 2: Go to Services > User Services > Search BoE. When you click the link, a new form will open. Step 3: Here, you can search the BoE details by entering Port Code, Bill of Entry Number, Bill of Entry Date, and Reference Date.

Is GST an income tax?

GST stands for Goods and Services Tax. It is an Indirect tax which introduced to replacing a host of other Indirect taxes such as value added tax, service tax, purchase tax, excise duty, and so on. GST levied on the supply of certain goods and services in India. It is one tax that is applicable all over India.

Do I have to file ITR and GST returns separately?

Yes. You have to file ITR separately after the end of FY where as GST returns are to be filed every month and year end GST Annual Return has to be filed. Further, ITR to be filed only if your (assuming you are a individual) Income exceeds minimum limit prescribed. GST returns assuming you are a business with GST registration.

Who should file ITR 3 and ITR 7?

This move will apply for all those assessees who have business income and file the returns specified for those with this income i.e. ITR 3 to ITR -7. Before sharing any information, the income tax authority shall determine that such information is necessary for the GSTN authority to perform its functions.

What are the different types of ITR forms?

Depending on the type of income that individuals make, they can either opt for ITR-1, ITR-2, ITR-3, ITR-4, and ITR-7. The Income Tax Returns can be a file on the official website of the Income Tax Department (https://www.incometaxindiaefiling.gov.in/home) and the process to file the returns is simple. FAQs on Types of ITR Forms

What is Income Tax Department sharing with GSTN?

Soon, the income taxdepartment will be sharing the tax return data of businesspersons with the Goods and Services TaxNetwork (GSTN) officer. The move is aimed at spotting income anomalies or mismatches between their GSTreturns and income tax return (ITR).