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GST - Accounts and Records: EximGuru.com

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
Goods lost/ stolen/destroyed/
    written off/disposed
    Disposed by way of gift/free
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
With Regards to Manufacturer Monthly Production Account, Showing:
  Quantitative Details
  Raw Material used in
  Services used in
  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
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.

Principal Place Additional Place
At Such Principal Place At such Additional Place

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.

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