Answer

1. F

   Facts

   A stock register shows opening stock, goods received, goods sold or used, and closing stock for each item. Update it with each purchase and sale, or at least weekly.

2. P

   Provisions and law

   • Rule 56, CGST Rules 2017Details of records: supplies, stock, advances, tax paid, ITC and names of suppliers and buyers, kept at each place of business
   • Sec 35(6), CGST Act 2017Goods or services not accounted for can be treated as supplied and tax determined on them
3. A

   Analysis

   Rule 56 requires stock accounts for regular taxpayers, including goods lost or given as samples. Example: for 'LED bulbs 9W': opening 500, received 1,000, sold 1,150, damaged 10, closing 340. A monthly physical count checks the register and protects you under Sec 35(6).

4. C

   Conclusion

   1. 1List your main items or groups.
   2. 2Record opening stock on day one.
   3. 3Add purchases and reduce sales and damages.
   4. 4Count physical stock monthly and correct with notes.
   5. 5Keep year-end stock figures for GSTR-9 and the ITR.

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