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Rule 56 exempts composition taxpayers from keeping detailed stock accounts. You still need records of sales and purchases.
GST
Stock records for composition dealers
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Provisions
Rule 56, CGST Rules 2017; Sec 10, CGST Act 2017
Analysis
Rule 56(2) requires stock accounts from registered persons other than those paying tax under Sec 10. Composition dealers still record outward supplies for CMP-08 and GSTR-4, and inward supplies for GSTR-4 Table 4. Example: a composition sweet shop keeps a daily sales total and a purchase file, but need not keep item-wise stock. Keeping a basic stock count still helps at year end.
Close
- Keep daily sales totals with bill numbers.
- Keep all purchase invoices, including from unregistered sellers.
- Note reverse charge purchases separately.
- Do a simple year-end stock count.
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