I am having a restaurant cum sweetshop this tym my sales crosses 2 cr so had to maintain the account but i want to ask that i only maintain account by sales and purchase bills but not as companies maintain like in production line as stock management stock transfer etc.. My accountant manitain account books by sales and purchase bills not by stock as the various quantities of items r used in making a single sweets and each time different amount of raw material is used there is not certainty .. and also the all products r perishable... my question is that if I maintain account without stock consideration.. then would it be right as my case is audit this year .. only the opening and closing stocks r maintained in accounts in the beginning and end of the year not the whole year stock transfer is maintained... So would this is acceptable accounts books
It depends on the type of business because in every business one cannot maintain day to day stock therefore if you say that in your kind of business maintaining day to day stock is difficult as raw materials are not used in fixed quantity then there won't be any issue from government if you don't have proper stock statement.
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Thank you
Hi,
The maintenance of stock is not required as of now as per law. Moreover it would become very complex to do the same at this stage.
But after crossing a certain threshold, maintaining stock is mandatory.
So as of now, it is acceptable as books of accounts.
Thanks
Damini
U said after crossing a certain threshold what is that threshold? And one more query.. Iam having a restaurant and its kitchen is 100 metrrs away from it... do i have to show that kitchen in additional places of business under gst? If yes than for every item transfer bw the shop amd kitchen delivery challan to be issued? And also tell me when delivery challan is issued and what if one transfers without delivery challan?
There is no such threshold mentioned anywhere.
No requirement of seperate mention.
Hi,
No, there is no threshold limit.
Yes, it is acceptable accounts books.
Hi,
- You should have the details of opening and closing stock like item and value. Department may ask on what basis you are claiming the figures. Don't maintain day to day stock if it is difficult but opening and closing should be substantiated by details.
- No need to add kitchen in GST details
Hi,
Even if you don't maintain daily stocks, that's ok. You need to estimate your closing stock as on 31 March by counting physical inventory.
