Kollipara sundaraiah asked 4 years ago
Assess maintained a pharmacy store.turnover below threshold limit( 40 lacs).no gst registered.if any officer visit assess shop which type of accounting data evidence asked.
Ajeet Aggarwal answered 4 years ago
If your turnover is below threshold limit then you are not required to get gst registration..But must have enough record to show your turnover….You need to maintain proper accounting of –
1. All purchase invoices
2. All expenses bills
3. All sale bills…Showing turnover…
4. Inventory record….
5. Income tax returns record..
Turnover includes all values of (taxable supplies+Exempt supplies+Exports+Inter-state supplies) – (Taxes+Value of inward supplies+Value of supplies taxable under reverse charge + Value of non-taxable supplies) of a person having the same PAN(Permanent Account Number) across all his business entities in India…
Your business may be a proprietorship or partnership…You need all above accounting records for filing your income tax return …And keep copy of assessment orders.
You may use various softwares available in the market the keeping accounting of your busines…
Ajeet Aggarwal..
Kollipara sundaraiah answered 4 years ago
1.Assess gst registered and I.t. filed person
limit for cash sales and cash purchases in gst and I.t. act.
2.Assess un registered and non filing I.t. return person
Limit for cash sales and cash purchases in gst and I.t. act.