The Income Tax department has started showing GST Turnover in Form 26A. Earlier Form 26AS used to contain the information of Income, TDS & Income tax refund. Now the New Form 26AS contains various informations obtained from Banking Companies, Insurance Companies, Registrar of Property, Listed Companies, GST department etc.
A derivative means an instrument whose value is derived. It has no value of its own. Its price is based on the underlying asset. As we all know that the transaction of derivatives are taxed under the head Business & Profession in the Income Tax and comes under the Tax audit preview u/s 44AB of the Income Tax Act. Now the question arises that the turnover of derivative is also considered in the taxable supplies under GST and GST Audit is applicable on that?