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TMI BlogBalance sheet and profit and loss accountX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 - Reply By Rajagopalan Ranganathan - The Reply = Sir, The answer is yes since the rental income from renting of immovable property exceeds the limit of ₹ 20 lakhs per year if the immo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vable property is rented for commercial purpose. You have to take registration and discharge gst. - Reply By Himansu Sekhar - The Reply = As per Rule 85(3) Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reconciliation statement, duly certified, in FORM GSTR-9C , electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner. No where it is mentioned in the CGST Act to prepare the Balance sheet mandatorily. - Reply By PANKAJ CHUGH - The Reply = Sir, Thanks for your reply. However, as per section 35 of cgst act which deals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with maintenance of books of accounts does not talk about balance sheet and profit and loss account. Please have a look and revert. Thanks - Reply By KASTURI SETHI - The Reply = GSTR 9C return is based on Annual Financial Statement which is to be filed under Rule 80(3) of CGST Rules read with Section 35(5) of CGST Act . Annual Financial Statement is the statement which consists o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f trading, profit and loss statement and balance sheet prepared annually. GSTR 9 , 9A 9C return is based on Annual Financial Statement which includes, inter alia, balance sheet. Also see the legal definition of 'Annual Financial Statement'. Hence balance sheet is covered in the CGST Act Rules.. I also support the views of both experts. - Reply By MUKUND THAKKAR - The Reply = Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lance sheet is summary of Books of Account. Agree with Inputs of all experts. - Reply By Ganeshan Kalyani - The Reply = Yes, audited financial statement is required to be uploaded with 9C. Annual financial statements are prepared as required under Income Tax and uploaded in the Registrar of Company (ROC). Annual Financial Statement consists of Balance Sheet, Profit Loss A/c, Cash Flow statemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t amongst other report. Thus, when GST annual return provision provides for audited financial statement then it means the books are to be maintained and get audited. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = It is usual for a business entity to prepare profit and loss account and balance sheet that may be utilized for income tax purposes. Let the same useful to GST also. - Reply By Hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mansu Sekhar - The Reply = Very useful discussion. - Reply By PANKAJ CHUGH - The Reply = Thanks all the friends for their valuable comments. - Reply By Ganeshan Kalyani - The Reply = You are welcome Sir. - Balance sheet and profit and loss account - Query Started By: - PANKAJ CHUGH Dated:- 27-8-2019 Goods and Services Tax - GST - Got 10 Replies - GST - Discussion Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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