02 April 2018
Dear Sir, I am running a business of Cloths. There is no VAT on my items previously but GST is imposed now. In my stock there are more than 60 items. The rates on all item is 5%. My Query is 1) Which books of account are maintained by me, I am opting for regular scheme under GST? 2) Is item wise accounting by maintaining quantitative details is mandatory for me or i just do accounting by ignoring item and quantity details and creating only one ledger as "Fabrics" 3) I am taking the benefit of section 44AD. Even than books of account is maintained by me.
02 April 2018
1. https://cleartax.in/s/gst-accounts-record
2. All items under one head then You can...
3. Yes... You can. Both of different acts. So, no more restriction.
03 April 2018
Books of Accounts which are required to be maintained as per GST are Stock of goods maintained (similar nature same books can be maintained, if different nature different books are required to be maintained), sale and purchase records, ITC taken and tax payable records. S. 44AD is as per Income Tax Act which is direct tax. GST is under indirect tax. Thus books of accounts are required to be maintained.
05 April 2018
So I am opting for 44AD , in that case is it sufficient for me to maintain only stock details , input and output record for GST Purposes.Not to maintain bank and cash ledger.
05 April 2018
So I am opting for 44AD , in that case is it sufficient for me to maintain only stock details , input and output record for GST Purposes.Not to maintain bank and cash ledger.
06 April 2018
Bank statement can be used as the bank ledger. In case of petty cash it is better to maintain the cash ledger specially if you are taking ITC on the expenses.
CAclubindia
