WHAT ARE THE BOOKS OF ACCOUNTS/RECORDS TO BE KEPT:
Following books of accounts/records either in paper or electronic form:
i) Quantitative Records for raw material, Production and finished goods :
A) Manufacturer of goods shall maintain monthly production accounts showing quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof.
B) Service provider shall maintain the accounts showing quantitative details of goods used in the provision of services, details of input services utilized and the services supplied.
C) Works contractor shall keep separate accounts for works contract showing –
(a) the names and addresses of the persons on whose behalf the works contract is executed;
(b) description, value and quantity (wherever applicable) of goods or services received for the execution of works contract;
(c) description, value and quantity (wherever applicable) of goods or services utilized in the execution of works contract;
(d) the details of payment received in respect of each works contract; and
(e) the names and addresses of suppliers from whom he received goods or services.
D) Stock of Goods which shall contain particulars of the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample and the balance of stock including raw materials, finished goods, scrap and wastage thereof. (except composition opting persons)
ii) Details/documents of Inward and Outward Supply of Goods and Services including those of reverse charge
iii) Input Tax Credit Availed (except composition opting persons)
iv) Output Tax payable (except composition opting persons)
v) Invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers and refund vouchers
vi) Account of advances received, paid and adjustments made thereto.
paid and adjustments made thereto.
(a) Names and complete addresses of suppliers from whom he has received the goods or services chargeable to tax under the Act;
(b) Names and complete addresses of the persons to whom he has supplied goods or services, where required under the provisions of this Chapter;
(c) Complete address of the premises where goods are stored by him, including goods stored during transit along with the particulars of the stock stored therein.
CORRECTION IN MANUAL BOOKS OF ACCOUNTS
Any entry in registers, accounts and documents shall not be erased, effaced or overwritten, and all incorrect entries, otherwise than those of clerical nature, shall be scored out under attestation and thereafter, the correct entry shall be recorded
WHETHER NUMBERING REQUIRED IN MANUAL BOOKS:
Each volume of books of account maintained manually by the registered person shall be serially numbered
PLACE OF KEEPING RECORDS:
i) At his principal place of business as mentioned in the certificate of registration
ii) If more than one place of business, then accounts relating to such place at such place.
HOW LONG TO BE KEPT:
72 Months from the end of the due date of filing annual return i.e. the Records relating to FY 2017-18 would be kept up to 31st December, 2024 either in paper form or in electronic form. 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 a reasonable period of time.
(The author is a Jaipur based practicing Chartered Accountant and can be reached on 09829063908, firstname.lastname@example.org)