Simplified accounting methods for retailers

Simplified accounting methods for retailers

1. (1) The regulations may prescribe optional simplified accounting methods for determining the net tax of prescribed classes of dealers.
2. (2) Where a dealer chooses to use a simplified accounting method, the dealer's net tax shall be the amount determined under the simplified accounting method instead of the net tax computed under section 11.
3. (3) A dealer may only elect to use a simplified accounting method if:
   • (a) the dealer sells goods predominantly by retail in Arunachal Pradesh;
   • (b) the dealer is within the prescribed class of dealers;
   • (c) the dealer's turnover has not exceeded Rupees Twenty Lakhs in the current year and in the two prior years; and
   • (d) the dealer continues to hold and retain tax invoices and retail invoices for all of its purchases and imports of goods.