Turnover below threshold limit

[Sundaraiah kollipara]

Assess trading a retail pharmacy store.turnover below threshold limit( 40 lacs).no gst registered.if any officer visit assess store which type accounting data evidence asked.

[PAWAN KUMAR]

Officer may ask itr returns, Form 26AS, details of profit and loss and balance sheets as well as copies of sample sale and purchase of invoices.

If you are in exclusively engaged supply of goods , thresholds limit is rs. 40 lakh in any financial year.

[Sundaraiah kollipara]

Which type of accounting books maintained.

If assess registered in gst act

If assess un registered in gst act.

[Ganeshan Kalyani]

In my view, over the counter nobody will ask for the details. The officer may ask you to come to his office. There he may ask you to submit sales register, bank statement, income tax return etc to figure out the turnover.

[KASTURI SETHI]

I support the views of both experts.

AI Summary

GST turnover threshold compliance: officers may demand accounting records to verify whether registration and taxable turnover apply.
Officers assessing a retail pharmacy below the GST registration threshold may seek documentary proof of turnover and supplies, including income tax returns, Form 26AS, profit and loss accounts, balance sheets, sales and purchase invoices, sales register and bank statements, with emphasis on establishing aggregate taxable turnover for the financial year and verifying declared supplies or credits.