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Which record under rule 56 of the CGST Rules, 2017 need not be kept by a registered person paying tax under the composition scheme in section 10, though other registered persons must keep it?

Question and options

Which record under rule 56 of the CGST Rules, 2017 need not be kept by a registered person paying tax under the composition scheme in section 10, though other registered persons must keep it?

  1. An account of advances received, paid and adjusted

  2. An account of stock of goods received and supplied

  3. An account of the tax payable, collected and paid

  4. An account of supplies attracting tax on reverse charge

Answer and explanation

Correct answer: B - An account of stock of goods received and supplied

Rule 56(2) of the CGST Rules requires every registered person other than a person paying tax under section 10 to maintain accounts of stock of goods received and supplied, with opening balance, receipts, supplies, losses and closing balance. The other accounts, such as advances, reverse charge supplies and tax payable and paid, are required of every registered person, including a composition taxpayer.

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