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TMI BlogCheck for Composite DealerX X X X Extracts X X X X X X X X Extracts X X X X ..... on of Turnover To check whether turnover is under prescribed limit or not as P & L account provide turnover of all business related to a PAN 2 GSTR 9 A & Profit & Loss Account/ Income & Expenditure Account Break up of Sales/Revenue from operations Break up is to be checked with regard to income from Supply of Goods or Services with regard to study of exclusion as provided under Section 10 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 017, a composition dealer cannot recover tax from his customers on outward supply and tax is supposed to be borne by him from his own pocket. In other words Tax amount should be a part of the cost and should reflects in the expense side of P&L account. This can be verified and also reconciled with GSTR-9A return 7 Profit & Loss Account/Trial Balance. Scrap Sales: Sales If ratio in the current ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shed Goods Along-with the Profit & Loss Account, quantitative details of the consumption of major raw materials is also required to be given. Such quantitative details show the quantity of major raw material consumed and Production thereof. Such information may be helpful in working out the input-out ratio which can indicate suppression of production of goods and supply thereof without payment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s
Some of the expenditure accounts on which RCM is applicable should also be selected to find out whether Taxpayer has paid Tax or not. For instance, Payment made towards Sponsorship services may be clubbed in the category of Advertisement and Sales Promotion Expenses which can be identified only from the Trial Balance. Similarly, freight paid may be clubbed with Purchases or Fixed Assets. X X X X Extracts X X X X X X X X Extracts X X X X
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