Comparing Bank Deposits With Gross Receipts on GRT Reports

Total sales from bank statements divided by 1+gross receipts tax rate (assume it's 8%) should equal total gross receipts on gross receipts tax report. (for example $100.00/1.08.

 

Important: If the sales reported on your federal income tax return exceed gross receipts by more than the amount of the tax, you could be audited by the Taxation & Revenue Dept.

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Also see 

• Calculating reportable gross receipts

• Gross receipts vs. bank deposits

• Is GRT a deductible business expense?

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