GST - Accounts and Records: EximGuru.com
Accounts and Records
Under the Goods and Services Tax Law, the taxpayer is required to maintain certain documents, accounts, and records in respect of manufacturing, trading or provision of services. All the aspects related to applicability of provisions, maintenance of Accounts and Records under GST are as follows:
Applicable Provisions
Chapter – VIII of CGST Act, 2017
Section 35:- Accounts & Other Records
Section 36:- Period of Retention of Accounts
Goods and Services Tax (Accounts and Records) Rules, 2017
Rule 1:- Maintenance of Accounts by Registered Persons
Rule 2:- Generation and Maintenance of Electronic Records
Rule 3:- Records to be maintained by owner or operator of godown or warehouse and transporters
Goods and Services Tax Rules, 2017 Accounts and RecordsFormat
Form GST ENR-01
| Maintenance of Accounts by Registered Persons (RP) |
| Particulars | Records |
| TRUE AND CORRECT accounts of the goods or services supplied or imported or exported or supplies attract tax on reverse charge basis along with relevant documents like: | Invoices
Bills of supply
Delivery Challans
Credit/Debit Notes
Receipt Vouchers
Payment Vouchers
Refund Vouchers
E-way Bills
All documents related to Import & Exports like Bill of Entry, Bill of Lading etc. |
| With regard to stock (For each commodity): - (except person paying tax U/s 10 i.e. opted composition scheme) | Opening balance
Receipts
Supply
Goods lost/ stolen/destroyed/
written off/disposed
Disposed by way of gift/free
samples
Closing balance
|
| With regards to advances | Advance received
Advance Paid
Advance Adjustments |
| Each RP (except person paying tax U/s 10 i.e. opted composition scheme) | Details of Tax Payable
Tax Collected
Tax Paid
Input Tax
Input Tax Credit Claimed
Others
|
| With Regards to Manufacturer | Monthly Production Account, Showing:
Quantitative Details
Raw Material used in
Manufacturing
Services used in
Manufacturing
Goods Manufactured
Waste produced
By Product Generated |
| With regards to Supply of Service | Quantitative Details of goods used in provision of Service
Details of Input Services Utilized
Services Supplied |
| Suppliers Records | Name
Complete Address
GSTIN |
| Customers Record | Name
Complete Address
GSTIN (if registered) |
| Storage Records | Complete Address (Including goods stored in transit)
Particulars of Stock Stored |
Specified Records by Specified Persons
| Specified Person | Records Require |
| Agent | Particulars of authorization
from each principal separately
Particulars (Description, Value
& Quantity) of Goods/Services Received on behalf of every principal
Particulars (Description, Value
& Quantity) of Goods/services Supplied on behalf of every principal.
Details of accounts furnished
to every principal
Tax paid on receipts/supply of Goods/services
effected on behalf of every principal. |
| Works Contractors | Every RP executing works contracts shall keep separate accounts for each work contract showing; -
i) Name & Address or person on
whose behalf the works contract is executed
ii) Description, value and quantity of goods or services received
iii) Description, value and quantity of goods or services utilized
iv) Details of payment received in respect of each works contract
v) Names and addresses of
suppliers from whom he has received goods or services. |
| Carrier or Clearing and Forwarding Agent | True and correct record of such goods handled by him (e.g. Airway Bill, Tax Invoice, Bill of Supply, Delivery Invoice as per the case) |
Other Points to Remember – Do’s
| Do’s | As Per Rules |
| Manual Books of Accounts Must be Serial Numbered | Each volume of books of accounts shall be serially numbered. |
| Electronic Records must be signed by Digital Signature | In case of records maintained in electronic form the same shall be authenticated by means of a digital signature. |
| Maintain Books of Accounts at Principal & Additional Place of Business | Every registered person shall keep the books of accounts at the principal place of business and books of accounts relating to additional place of business mentioned in his certificate of registration and such books of accounts shall include any electronic form of data stored on any electronic device |
| Records must be Maintained for 6.5 Years from Closure of Financial Year | Accounts maintained by the registered person together with all invoices, bills of supply, credit and debit notes, and delivery challans relating to stocks, deliveries, inward supply and outward supply shall be preserved for the period as provided in section 36. |
| Produce the Books of Accounts to Authorized Officer | Every registered person shall, on demand, produce the books of accounts which he is required to maintain under any law in force. |
Other Points to Remember – Don’t
| Don’t | As Per Rules |
| Don’t Store any taxable goods at any place other than the registered premises | In case, any taxable goods are found to be stored at any other place (other than the registered premises) without any valid documents the Proper officer shall determine the tax payable on such goods as if such goods have been supplied by the RP. |
| Don’t erase, alter or overwrite any entry in registers, accounts and documents without proper attestation | Any entry in registers, accounts and documents shall not be erased, effaced or overwritten and all incorrect entries shall be scored with proper attestation after recording correct entry. In case of electronic accounts, a log of every entry edited/deleted should be maintained. |
| Don’t store books of accounts at any other place except place registered under GST | Any documents, registers or books of accounts belonging to a RP are found at any other premises (not mentioned in registration certificate) shall be presumed to be maintained by the said RP. |
| Records |
| Principal Place | Additional Place |
| At Such Principal Place | At such Additional Place |
| Records |
| Manual | Electronic |
| All Records as specified above | Additional Back Up |
Preservation of Records
| Appeal or Revision or any other Proceeding |
| Not Pending | Pending |
| For 72 Months from date of filing of Annual Return | For a Period of 1Year after finalDisposal of case or72 Months, whichever is Later |
Generation and Maintenance of Electronic Records
| Rule | Analysis | Action |
| Proper electronic back-up of records shall be maintained and preserved in such manner that, in the event of destruction of such records due to accidents or natural causes, the information can be restored within reasonable period of time. | Proper back up with restoration time of reasonable period | Take Back up on Real Time Basis or Batch Basis in DVD, Hard Disc or Cloud |
| The registered person maintaining electronic records shall produce, on demand, the relevant records or documents, duly authenticated by him, in hard copy or in any electronically readable format. | On demand produce the records with duly authentication (the hard copy or electronic readable format) | Produce Records in Soft Copy or Hard Copy, at the ease of registered person. |
| Where the accounts and records are stored electronically by any registered person, he shall, on demand, provide the details of such files, passwords of such files where necessary for access and any other information which is required for such access along with sample copy in printed form of the information stored in such files. | On demand RP should provide files, passwords or printout of sample of such file | Don’t maintain any un necessary software, document or file along with the records and files. |
Records to be Maintained by Owner or Operator of Godown or Warehouse and Transporters
| Person | Records Required |
| Every owner or operator of warehouse or godown or any other place used for storage of goods and every transporter, irrespective of whether he is a registered person or not | shall maintain records of the consignor, consignee and other relevant details of the goods in such manner as may be prescribed.
shall submit the details regarding his business electronically on the Common Portal in FORM GST ENR-01 (upon validation of the details furnished, a unique enrollment number shall be generated and communicated to the said person) shall be deemed to be enrolled in the State or Union territory if already enrolled under any other State or Union territory shall, where required, amend the details furnished in FORM GST ENR-01 |
| Every owner or operator of a warehouse or godown | shall maintain Books of Accounts with respect to the period for which particular goods remain in the warehouse, including the particulars relating to dispatch, movement, receipt, and disposal of such goods |
| The owner or the operator of the godown | shall store the goods in such manner that they can be identified item wise and owner wise and shall facilitate any physical verification or inspection by the proper officer on demand |
| Person engaged in the business of transporting goods | shall maintain records of goods transported, delivered and goods stored in transit by him along with GSTIN of the registered consignor and consignee for each of his branches. |