Question ID : 26293

ACCOUNTING FOR PROVISION STORE UNDER REGULAR

A provision store regd under gst regular scheme selling icecream school staionery chocolates and small packets of dal achanna etc to the end consumer. All his sales are B2C the sales ranges from rs. 5 to rs. 500 - how is he required to maintain the record of sales? Is he required to issue a bill for every sale ? please explain how it is to be done. In the case of aperson who has moved from regular to composition from 261117 what is the precords to be maintained. 1. wheteher regular returns are required tobe filed from date of registration as regular to the date of chaange to composition and what are the taxes to be paid on the date of transfer rom regular to composition?

Answer ID : 60772

The government clarified that it is not mandatory to issue and invoice in case the transaction value is less than Rs 200 and hence you can issue consolidated invoice for sales effected in a day.

Answer ID : 60773

as he moved from regular to composition from 261117 till november month he has to file as a regular dealer. from 011217 composition scheme applies. In composition he has to pay 15 on his taxable supplies. He should not collect tax from customers.

Answer ID : 60778

It is mandatory to issue to invoice if it exceeds Rs. 200 , for remaining a consolidated invoices for a day must be raised

Answer ID : 60779

In this case composition wil be applicable from 01.12.2017, till Nov 2017 all the regular provisions will apply have to provide the detail of stock as on 30.11.2017 and will have to reverse the credit availed on stock

Answer ID : 60780

Consolidated bill for sale up to Rs.200- per day per person can be issued. All bills exceeding this limit has to be issued. If moved to composition, regular returns up to the date of change have to be filed. ITC on stock has to be reversed.

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