Profit and loss calculation @ 8% in gst

NAGA KRISHNA Shasthri (36 Points)

12 March 2018  

DEAR ALL,

I AM MAINTAINING ACCOUNTS OF SMALL FIRM WHERE   IN THE PREVIOUS FINANCIAL YEAR THE PROFIT WAS ADJUSTED UPTO 8% AND WAS RETURN FILED ACCORDINGLY.

BUT NOW THE TURNOVER IS RS 1.23 CRORES AND STOCK IS MAINTAINED ON INVENTORY BASIS, PLEASE SUGGEST IF POSSIBLE CAN WE ADJUST THE PROFIT UPTO 8% AND FILE ITR, IRRESPECTIVE OF INVENTORY

PLEASE GIVE ME APPORIATE SOLUTION

THANKS IN ADVANCE