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Accounts and records GST: EximGuru.com

Accounts and records GST

1. Assessment in GST is mainly focused on selfassessmentby the taxpayers themselves. Everytaxpayer is required to self-assess the taxespayable and furnish a return for each tax periodi.e. the period for which return is required tobe filed. The compliance verification is done bythe department through scrutiny of returns,audit and/or investigation. Thus the complianceverification is to be done through documentarychecks rather than physical controls. This requirescertain obligations to be cast on the taxpayer forkeeping and maintaining accounts and records.

2. Section 35 of the CGST Act and “Accounts andRecords” Rules (hereinafter referred to as rules)provide that every registered person shall keepand maintain all records at his principal place ofbusiness. It has cast the responsibility on the owneror operator of warehouse or godown or any otherplace used for storage of goods and on everytransporter to maintain specified records. Thesection also empowers the Commissioner to notifya class of taxable persons to maintain additionalaccounts or documents for specified purpose orto maintain accounts in other prescribed manner.It also provides that every registered personwhose turnover during a financial year exceedsthe prescribed limit shall get his accounts auditedby a chartered accountant or a cost accountant.

3. Section 35 provides that every registered personshall keep and maintain, at his principal placeof business, as mentioned in the certificate ofregistration, a true and correct account of:

(a) production or manufacture of goods
(b) inward and outward supply of goods or servicesor both
(c) stock of goods
(d) input tax credit availed
(e) output tax payable and paid and
(f) such other particulars as may be prescribed

In addition, the rules also provide that theregistered person shall keep and maintain recordsof-

(a) goods or services imported or exported or
(b) supplies attracting payment of tax on reversecharge along with the relevant documents,including invoices, bills of supply, deliverychallans, credit notes, debit notes, receiptvouchers, payment vouchers, refund vouchersand e-way bills.

4. In case more than one place of business is specifiedin the certificate of registration, the accountsrelating to each place of business shall be keptat such places of business. A registered personmay keep and maintain such accounts and otherparticulars in electronic form in such manner asmay be prescribed.

5. Following accounts and records will have to bemaintained by every registered person:

(a) accounts of stock in respect of goods receivedand supplied; and such account shall containparticulars of the opening balance, receipt,supply, goods lost, stolen, destroyed, writtenoff or disposed of by way of gift or free samplesand balance of stock including raw materials,finished goods, scrap and wastage thereof
(b) a separate account of advances received, paidand adjustments made thereto
(c) an account containing the details of tax payable,tax collected and paid, input tax, input tax creditclaimed together with a register of tax invoice,credit note, debit note, delivery challan issuedor received during any tax period
(d) names and complete addresses of suppliersfrom whom goods or services chargeable to taxunder the Act, have been received
(e) names and complete addresses of the personsto whom supplies have been made
(f) the complete addresses of the premises wherethe goods are stored including goods storedduring transit along with the particulars of thestock stored therein
(g) monthly production accounts showing thequantitative details of raw materials or servicesused in the manufacture and quantitativedetails of the goods so manufactured includingthe waste and by products thereof
(h) accounts showing the quantitative details ofgoods used in the provision of services, detailsof input services utilised and the servicessupplied
(i) separate accounts for works contract showing -

  • the names and addresses of the personson whose behalf the works contract isexecuted
  • description, value and quantity (whereverapplicable) of goods or services receivedfor the execution of works contract
  • the details of payment received in respectof each works contract and
  • the names and addresses of suppliers fromwhom he has received goods or services

6. The books of account shall be kept at the principalplace of business and at every related place(s) ofbusiness mentioned in the certificate of registrationand such books of account shall include anyelectronic form of data stored on any electronicdevices. The data so stored shall be authenticatedby way of digital signature.

7. Any entry in registers, accounts and documentsshall not be erased, effaced or overwritten andall incorrect entries, other than those of clericalnature, shall be scored out under attestation andthereafter the correct entry shall be recordedand where the registers and other documentsare maintained electronically, a log of every entryedited or deleted shall be maintained. Further eachvolume of books of account maintained manuallyby the registered person shall be serially numbered.

8. Period for preservation of accounts: All accountsmaintained together with all invoices, bills ofsupply, credit and debit notes, and delivery challansrelating to stocks, deliveries, inward supply andoutward supply shall be preserved for seventytwo months (six years) from the due date offurnishing of annual return for the year pertainingto such accounts and records and shall be kept atevery related place of business mentioned in thecertificate of registration.

9. Electronic Records: The following requirementshave been prescribed for maintenance of recordsin electronic form.

  • Proper electronic back-up of records
  • Produce, on demand, the relevant records ordocuments, duly authenticated, in hard copyor in any electronically readable format

10. Records to be maintained by owner or operatorof godown or warehouse and transporters: Thetransporters, owners or operators of godowns,if not already registered under the GST Act(s),shall submit the details regarding their businesselectronically on the Common Portal in FORMGST ENR-01. A unique enrolment number shallbe generated and communicated to them. Aperson in any other State or Union territory shallbe deemed to be enrolled in the State or UnionTerritory.

11. Every person engaged in the business oftransporting goods shall maintain records ofgoods transported, delivered and goods stored intransit by him and for each of his branches. Everyowner or operator of a warehouse or godownshall maintain books of accounts, with respect tothe period for which particular goods remain inthe warehouse, including the particulars relatingto dispatch, movement, receipt, and disposal ofsuch goods. The goods shall be stored in suchmanner that they can be identified item wiseand owner wise and shall facilitate any physicalverification or inspection, if required at any time.

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