I am running cloth business. I need to maintain accounts as per income tax act. my concern is in my business all the fabrics are taxable under gst @ 5%. there are many item such as suiting, shirting, chunni, shawls, chaadar,suit,saree etc.
1) Can i maintain account without maintaining quantity of each item 2) should it is mandatory for me to issue invoice by matching the purchase invoice. i.e maintioning each item as it contain in purchase bill
currently i account bill in tally by creating only one item as cloth fabrics i.e not maintaining suiting, shirting ,chunni shawls details as it is difficult form me. whether i am right in my decision
30 May 2018
Dear Rishabji, Chapter 8 of CGST Act 2017,Sec.35 Accounts and other records. 35(1) production or manufacture of goods inward and outward supply of goods or services or both; stock of goods; input tax credit availed; output tax payable and paid; and such other particulars as may be prescribed:
further since all of your goods falling under 5% of GST: you can maintain the HSN Code wise Quantity list. which will help you in filing the annual returns too.
As long as all your Items are falling under same HSN Code no need to change in Invoice.
Still my query is unresolved.I need to know whether it is mandatory for me to maintain quantity details of each of my items as i am entering in tally instead of each item only cloth fabrics.
CAclubindia
