Can CA Firms continue cash basis accounting under GST? This is one of the major confusions that has been there and I'm sure if you are associated with a professional firm even you might have gone through it.
Pl suggest how to account for the same and record income.
20 July 2018
There is no bar on continuing with cash basis of accounting where you are a CA firm, however, for GST , you need to make separate calculations.
25 July 2018
Yes, please refer to Section 29(1) clause (c) of the CGST Act wherein it is stated that you could opt for cancellation in case you are no longer liable for registration u/s 22 or Section 24 of the CGST Act.
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