It doubt for doctor

This query is : Resolved

kollipara sundaraiah (Querist)
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13 February 2022 Sir,
A Doctor running a clinic purchase of medicines personal name and clinic name
used treatment purpose to inpatient and outpatient after fees collections from patients and accounting records maintained of cash basis.
Question:
1.A Doctor purchase of medicines individual name or clinic name is corrected procedure
2.purchases of medicines used treatment purpose tax liability applicable in gst act and purchase of medicines any limit provision applicable in it act.
3.Doctor depreciation claim on fixed assets and closing of medicines treatment in books for cash basis accounting records system.
4. A Doctor drug licence registered compulsory.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 February 2022 1. Either of name is OK, but better to buy on clinic name.
2. No limit in GST or IT act, but cannot claim ITC in GST act.
3. Yes, depreciation can be claimed in IT act. Better to maintain records by mercantile system, if income not declared under presumptive assessment.
4. No if used for treatment.

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