In our company two products are manufacturing . for the past combined books of accounts are maintaining but from 1/4/18 on wards management planning for separate books for two products. my first & primary doubt arised that how the sale invoice nos should be. if i give separate invoice nos how can i fill all the required fields in GSTR 1 ? Suggest me how carefully should i overcome all the issues under GST.
30 March 2018
Why are you planning to keep two separate books of accounts? What will happen to the common inward and outward supply of services and goods? If one product is exempted and another is not then it is suggested to keep separate inventory accounting; separate account for expenses of specific nature allocable directly to the product. Do not take any input credit on such directly identifiable expenditures. Still you shall be required to reverse the proportionate credit u/s. 17 of CGST Act. Should you need further clarification, feel free to post
30 March 2018
Sir, Thank you very-much for your valuable reply. Actually our MD wants to know exact profit/loss from both the products separately for budget allocation. Nothing more. I already informed that there is a problem in invoice numbering. we are using TALLY ERP. How can i satisfy him about this issue ?
CAclubindia
