New GST regime gives Freedom from maintaining too many Accounts and Records. Under GST, One Accounts and Records is enough. Unique features of GST related to Accounts and Records to be maintained are as follows :-

1. Compliance verification in GST will be done through examination of accounts and records maintained, only if required.

2. One tax, one type of record: No need to maintain separate records for different type of taxes as in the era of VAT, Excise and Service Tax.

3. There will be freedom to choose the format of the accounts & records, and only information needed is prescribed. The records can take the form of paper-based source documents including computer printouts or digital records.

GST Accounts and Records

4. The required records are:‑

a)   All records of goods and services that a person supplies or receives in the course of his business;

b)   All records of goods imported; and

c) Any other supporting documents such as contracts and price quotation to show his liability to GST.

5. Digital GST: Records can be maintained in electronic format as well.

6. Where a certain class of taxable persons cannot keep and maintain records as prescribed, the Commissioner may permit them to maintain records otherwise as prescribed.

7. Taxable persons with turnover of less than 2 crores are not required to get their accounts audited or submit reconciliation statement with annual returns.

8. Simple records to be kept by agents, transporters and warehouse keepers:

Agents: A person working as an agent is required to maintain records depicting the description, value and quantity (wherever applicable) of goods or services received or supplied on behalf of principal, and details of accounts furnished to every principal.

Transporters: A person engaged in the business of transporting goods is required to maintain simple records of goods transported & delivered, and goods stored in transit by him.

Warehouse keepers: A person operating a warehouse or godown is required to keep records with respect to the dispatch, movement, receipt, disposal and period for which the goods remain in the warehouse or godown.

More Under Goods and Services Tax

Posted Under

Category : Goods and Services Tax (4567)
Type : Articles (14341) Trending (276)
Tags : goods and services tax (3128) GST (2715)

4 responses to “GST: Freedom from maintaining too many records”

  1. Raghunath Gadre says:

    Dear Mr Anant,
    Below are three slabs for pumps u have to carefully choose the same to avoid further litigations

    8413, 8413 91 Hand pumps and parts thereof 5%

    8413 “Power driven pumps primarily designed for handling water, namely,
    centrifugal pumps (horizontal and vertical), deep tube-well turbine pumps, submersible pumps, axial flow and mixed flow vertical pumps” 12%

    8413 “Pumps for dispensing fuel or lubricants of the type used in filling
    stations or garages [8413 11], Fuel, lubricating or cooling medium pumps for internal combustion piston engines [8413 30], concrete pumps [8413 40 00], other rotary positive displacement pumps [8413
    60], [other than hand pumps falling under tariff item 8413 11 10]” 28%

  2. SIR,

    I AM WORKING IN AN ENGINEERING COLLEGE WHICH IS LOCATED IN OUTSKIRTS OF HYDERABAD, TELANGANA STATE. WE WILL COLLECT FEES LIKE COLLEGE TUITION FEES WHICH IS FIXED BY THE TELANGANA STATE FEES REGULATION COMMITTEE WHICH IS PART OF HIGHER EDUCATION DEPT. AND IN ALSO WE WILL COLLECT TRANSPORTATION FEES. MY QUERY IS HOW GST WILL IMPACT ON COLLECTION OF TUITION FEES & TRANSPORTATION FEES. PL CLARIFY MY DOUBT IN THIS REGARD.

  3. ANANT A KULKARNI says:

    OUR COMOANY IS MANUFACTURE SUBMERSIBLE DEWATER PUMPS
    6% CENTRIFUGAL PUMP CODE 8413-70-10
    12.5%DREDGER PUMP CODE 8413 70 97
    12.5%PUMP SPARES CODE 8413 91 20
    IN GST CATAGARIES 8413 TAX IS 12%
    WE REQUEST SUGGEST OTHER TAX CATAGARIES
    REGARDS

  4. ANANT A KULKARNI says:

    OUR COMOANY IS MANUFACTURE SUBMERSIBLE DEWATER PUMPS
    6% CENTRIFUGAL PUMP CODE 8413-70-10
    12.5%DREDGER PUMP CODE 8413 70 97
    12.5%PUMP SPARES CODE 8413 91 20
    IN GST CATAGARIES 8413 TAX IS 12%
    WE REQUEST SUGGEST OTHER TAX CATAGARIES
    REGARDS

Leave a Reply

Your email address will not be published. Required fields are marked *