Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Basic query

Ashish Khillan (Gaining knowledge) (1039 Points)

29 May 2018

person selling kulche sholay through handcraft (Redi) is it service or what?

and whts is code for this business?

and is GST is mandatory for all?

thnku

Reply
Follow
Share

14 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 29 May 2018

GST applicable only if his aggregate turnover exceed 20 lakhs.

Its outdoor type catering service..... '996334'

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Ashish Khillan (Gaining knowledge) (1039 Points)
Replied 29 May 2018

Thanku Sir,.... and its mandatory to disclose inventory, capital, and other particular and muat be tally?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 30 May 2018

Cash at hand, Creditors & Debtors & Inventory details are mandatory in ITR when income declared under presumptive scheme, (or no accounts maintained case).

Ashish Khillan (Gaining knowledge) (1039 Points)
Replied 30 May 2018

assesse is a barber and have no debtor and creditor and then wht will be stock?

plz explain abt this.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 30 May 2018

Amount of Sundry items used in daily work !! It may value negligible......

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Ashish Khillan (Gaining knowledge) (1039 Points)
Replied 30 May 2018

so wht will be stock for services provider?..... give me some explanation

thank you

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 30 May 2018

As per rules, for service provider, stock in trade should be zero.

But when you wish to declare some unused items (inventories) like shops, cream, shampoo, lotions, blades etc... lying in the shop, as on 31st March....... you can estimate its value as per purchase bill & declare the same in ITR.

1 Like