TaxTMI 
TaxTMI 
Hi
Kindly guide on following
1. Dealer has rental income for an amount of rain 2.5 crore during the FY.
Whether he is required to prepare balance sheet and profit and loss account for Gst purpose.
Thanks
Balance sheet and profit and loss account
27 Aug 2019 
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Annual Financial Statement requirement: audited accounts including balance sheet and profit and loss must support GST annual return filings.
Registration and GST liability arise where rental income from commercial immovable property exceeds the prescribed threshold. Registered persons whose aggregate turnover crosses the audit threshold must furnish audited annual accounts and a reconciliation statement in FORM GSTR 9C. The CGST Rules' Annual Financial Statement incorporates trading accounts, profit and loss statements and a balance sheet, so audited financial statements prepared for other statutory filings satisfy GST annual return and audit requirements. (AI Summary)
Registration and GST liability arise where rental income from commercial immovable property exceeds the prescribed threshold. Registered persons whose aggregate turnover crosses the audit threshold must furnish audited annual accounts and a reconciliation statement in FORM GSTR 9C. The CGST Rules' Annual Financial Statement incorporates trading accounts, profit and loss statements and a balance sheet, so audited financial statements prepared for other statutory filings satisfy GST annual return and audit requirements. (AI Summary)