GOODS & SERVICES TAX ACCOUNTS AND RECORDS

ACCOUNTS AND RECORDS Section 35 and 36 of the CGST Act Draft Accounts & Records Rules as notified on April 19, 2017. Thursday, January 17, 2019

Provisions -applicability All registered persons. Unregistered persons being owner or operator of warehouse/godown/any other place used for storage of goods. Thursday, January 17, 2019

Specified Books of Accounts Inward/Outward supply of goods and/or services Names & complete addresses of the inward/outward suppliers Stock of goods wrt each commodity received/ supplied Particulars of good lost, stolen, destroyed, written off or disposed of by way of gift or free samples Stock of scrap and wastage. Thursday, January 17, 2019

Input tax credit availed Output tax payable and paid Goods or services imported or exported Supplies attracting tax on reverse charge Advances received and paid and adjustments relating thereto The aforesaid accounts shall be maintained separately for every activity undertaken such as manufacturing, trading, provisions of service etc The Commissioner or Chief Commissioner may add more records to be maintained. Thursday, January 17, 2019

Details of consignor, consignee Further owner or operator of a place of storage of goods, to maintain – Details of consignor, consignee Other prescribed details such as receipt, movement and disposal of goods. The stock of goods to be maintained in such a manner as identifiable item-wise and owner wise. If not registered to submit details of business in Form GST ENR-01 for deeming regn. under these rules. Thursday, January 17, 2019

Relevant Documents The taxpayer should keep and maintain all the important documents including Invoices Bills of supply and delivery challans, Credit and Debit notes, Receipt and payment vouchers, Refund vouchers and E-way bills. Thursday, January 17, 2019

Place of Maintenance  At the principal place of business as specified in registration certificate. If multiple places of business specified in the certificate of GST registration, then to be kept at the related business places. Thursday, January 17, 2019

Maintenance of Records in Electronic Form Allowed to maintain accounts in electronic form in manner to be prescribed. Proper backup of electronic records to be kept. On demand produce duly authenticated copies of records stored electronically as hard copy or in electronically readable format. Thursday, January 17, 2019

How to Rectify Incorrect Entries in Accounts No entries to be erased, effaced or overwritten.    Incorrect entries to be scored out under attestation and thereafter correct entry be recorded.  Log of every entry edited or deleted to be kept where electronic records maintained. Thursday, January 17, 2019

(Similar to excise records maintained under the current regime.) Additional accounts required to be maintained by the following class of suppliers:- Manufacturer Monthly production accounts with quantitative details-- Raw materials or services used in the manufacture Of goods manufactured including waste & by products thereof. (Similar to excise records maintained under the current regime.) Thursday, January 17, 2019

Quantitative details of goods used in the provision of each service Service Provider Accounts showing the Quantitative details of goods used in the provision of each service Details of input services utilised and the services supplied. Thursday, January 17, 2019

Agent On behalf of each Principal the following particulars need to be maintained in respect of goods & services received or supplied Authorization received. Description, Value & Qty of goods/services received on behalf of principal and tax paid on supply thereof. Details of accounts furnished to principal. Thursday, January 17, 2019

For each works contract received Works Contractor For each works contract received The names & addresses of the contractee. Details of payment received   Description, Value & Qty received/utilized of goods/services for each works contract The names & addresses of suppliers from whom received. Payments made wrt each works contract. Thursday, January 17, 2019

Requirement of Audit - If turnover > Rs.2 Crore By Chartered/Cost Accountant. Copy of audited annual accounts and reconciliation statement to be submitted in form GSTR-9B while filing the annual return in Form GSTR-9. In Reconciliation statement, Chartered Accountant to certify that values declared in GST return reconciles with the audited accounts. Thursday, January 17, 2019

Period of Retention Seventy-two months (6 Years) from the last date of filing of Annual Return for the relevant year. Records being subject matter of litigation to be retained 1 year from the date of final disposal of proceeding, or until the expiry of 6 years from the due date of the annual return. Whichever is later. Thursday, January 17, 2019