1. Maintenance of accounts by Registered Persons (RP):-

a) TRUE AND CORRECT accounts of the goods or services supplied or imported or exported or supplies attract tax on reverse charge along with relevant documents like:

i) Invoices

ii) Bills of supply

iii) Delivery Challans

iv) Credit/Debit Notes

v) Receipt Vouchers

vi) Payment Vouchers

vii) Refund Vouchers

viii) E-way Bills

(Shall be maintained separately for each activity like manufacturing, trading and services)

b) With regard to stock (For each commodity):- ( except person paying tax U/s 10 ; opted composition scheme)

i) Opening balance

ii) Receipts

iii) Supply

iv) Goods lost/ stolen/destroyed/ written off/disposed

v) Disposed by way of gift/free samples

vi) Closing balance

(shall be maintained for raw material, finished goods, scrap, wastage etc,)

c) With regards to advances:

i) Advance received

ii) Advance Paid

iii) Advance Adjustments

d) Each RP ( except person paying tax U/s 10 ; opted composition scheme) shall maintain details of tax payable, tax collected, paid, input tax credit claimed along with others .

e) Every RP shall keep the name and complete address of

i) Suppliers from whom he has received goods/services

ii) Suppliers to whom he has supplied goods/services

iii) Premises/goods in transit where goods stored by him.

f) Any taxable goods are found to be stored in 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.

g) Every RP shall keep the books of accounts (both in paper and electronic form) at the Principal Place of business and at other places as mentioned in his certificate of registration.

h) 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 to be maintained.

i) Each volume of books of accounts shall be serially numbered.

j) Any documents, registers or books of accounts belonging to a RP found at any other premises (not mentioned in registration certificate) shall be presumed to be maintained by the said RP.

k) Every Agent shall maintain the following:-

i) Particular of authorization from each principal separately.

ii) Particulars (Description, Value & Quantity) of Goods/services received on behalf of every principal.

iii) Particulars (Description, Value & Quantity) of Goods/services Supplied on behalf of every principal.

iv) Details of accounts furnished to every principal.

v) Tax paid on receipts/supply of Goods/services effected on behalf of every principal.

l) Every RP shall maintain the Monthly production/accounts showing quantitative details of raw materials/input services used in manufacture/provision of services and details of finished goods/services, waste and by-products thereof.

m) Every RP executing works contracts shall keep separate acconts for each work contract showing;-

i) The name and address of person on whose behalf the work is executed.

ii) Description, value and quantity of goods/services received or utilized in the execution of each work contract.

iii) The details of payment received for each work contract.

iv) The name and address of suppliers from whom he has received goods/services.

n) In case of records maintained in electronic form the same shall be authenticated by means of a digital signature.

o) All the books of accounts shall be preserved for a period as mentioned U/s 36 and produce on demand.

p) Any person like carrier, custodian or clearing & forwarding agent shall maintain true and correct records in respect of goods handled by them on behalf of registered persons and shall produce as and when required by the proper officer.

2. Generation and Maintenance of Electronic Records:

a) Proper back up with restoration time of reasonable period.

b) On demand produce the records with duly authentication (the hard copy or electronic readable format).

c) On demand should produce audit trail, inter linkage source documents financial accounts, record lay out, data dictionary and explanation of codes used etc.

3. Records to be maintained by Owner/Operator of godown/ Warehouse/Transporters:-

a) Every person required to maintain records U/s 35(2) if not already registered shall submit details regarding his business in Common portal in FORM GST ENR-01, after validation of the same a unique enrollment number shall be generated and communicated to the said person.

b) The person enrolled as above in any other state or UT shall be deemed to be enrolled in the state or UT.

c) The FORM GST ENR-01 may be amended where required.

d) Transporter of goods shall maintain records of goods transported, delivered and goods stored in transit by him for each of his branches.

e) Every owner/Operator of a warehouse or godown shall maintain books of accounts in respect of goods remained in warehouse i.e dispatch, movement, receipt and disposal of such goods.

f) Every owner/Operator of a warehouse or godown shall store the goods in such manner that they can be identified item wise and owner wise and shall facilitate any physical verification/inspection by the proper officer on demand.

What is Invoice Format Under GST?

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Category : Goods and Services Tax (8428)
Type : Articles (18538)
Tags : goods and services tax (6866) GST (6467)

One response to “Accounts and Records under Goods and Services Tax (GST)”

  1. Natarajan K says:

    Useful article.

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