Introduction

Goods & Services tax prescribes following accounting records to be kept-

As per Section 35-

Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of—

(a) Production or manufacture of goods;

(b) Inward and outward supply of goods or services or both;

(c) Stock of goods;

 (d) Input tax credit availed;

 (e) Output tax payable and paid;

 (f) such other particulars as may be prescribed:

Provided that where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business:

Provided further that the registered person may keep and maintain such accounts and other particulars in electronic form in such manner as may be prescribed.

 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 consigner, consignee and other relevant details of the goods in such manner as may be prescribed.

The Commissioner may notify a class of taxable persons to maintain additional accounts or documents for such purpose as may be specified therein.

Where the Commissioner considers that any class of taxable person is not in a position to keep and maintain accounts in accordance with the provisions of this section, he may, for reasons to be recorded in writing, permit such class of taxable persons to maintain accounts in such manner as may be prescribed.

 Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed.

Subject to the provisions of clause (h) of sub-section (5) of section 17, where the registered person fails to account for the goods or services or both in accordance with the provisions of sub-section (1), the proper officer shall determine the amount of tax payable on the goods or services or both that are not accounted for, as if such goods or services or both had been supplied by such person and the provisions of section 73 or section 74, as the case may be, shall, mutatis mutandis, apply for determination of such tax.

As per section 36-

Every registered person required to keep and maintain books of account or other records in accordance with the provisions of sub-section (1) of section 35 shall retain them until the expiry of seventy-two months from the due date of furnishing of annual return for the year pertaining to such accounts and records:

Provided that a registered person, who is a party to an appeal or revision or any other proceedings before any Appellate Authority or Revisional Authority or Appellate Tribunal or court, whether filed by him or by the Commissioner, or is under investigation for an offence under Chapter XIX, shall retain the books of account and other records pertaining to the subject matter of such appeal or revision or proceedings or investigation for a period of one year after final disposal of such appeal or revision or proceedings or investigation, or for the period specified above, whichever is later.

The above excerpts can be simplified in a table-

Account/Records Information Required By Whom?
Register of Goods Produced Account should contain detail of goods manufactured in a factory or production house Every assessee carrying out manufacturing activity
Purchase Register All the purchases made within a tax period for manufacturing of goods or provision of services All Assessee
Sales Register Account of all the sales made within a tax period must be maintained All Assessee
Stock Register This register should contain a correct stock of inventory available at any given point of time All Assessee
Input Tax Credit Availed This register should maintain the details of Input Tax Credit availed for a given tax period All Assessee
Output Tax Liability  This register should maintain the details of GST liability outstanding to be adjusted against input credit or paid out directly All Assessee
Output Tax Paid This register should maintain the details of GST paid for a particular tax period All Assessee
Other Records Specified Government can further specify by way of a notification, additional records and accounts to be maintained Specific Businesses as notified by the government

(Author can be reached on www.subhamsharmaupw.blogspot.in)

Author Bio

Qualification: CA in Job / Business
Company: N/A
Location: Sikar, Rajasthan, IN
Member Since: 29 Aug 2017 | Total Posts: 4

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Category : Goods and Services Tax (5622)
Type : Articles (15330)
Tags : goods and services tax (4153) GST (3746)

4 responses to “Accounts & Records under GST”

  1. Rajendra Chaturvedi says:

    Please provide us your study material

  2. LAKHWINDER says:

    I am retailer and supply goods can i deduct on one bill of total sales in daily or items wise

  3. HARISH says:

    Sir

    I Have Issue the Mould/Tool Invoice From UK & Only Payment Purpose Issue Invoice.
    & Second GST Invoice I Have Issue or Not…..

    Please Help us

  4. Kishor says:

    Please provide saction or rule wise accounting records

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