Hello friends, greetings for the day in the current article we will discuss about the maintenance of accounts and records as per the provisions of CGST Act.
Assessment in GST is mainly focused on self-assessment by the taxpayers themselves. Every taxpayer is required to self-assess the taxes payable and furnish a return for specified tax periods i.e. the period for which return is required to be filed. The compliance verification is done by the department through scrutiny of returns, audit and/or investigation. Thus, the compliance verification is to be done through documentary checks rather than physical controls. This requires certain obligations to be cast on the taxpayer for keeping and maintaining accounts and records
Accounts and records:- what CGST Act says?
As per section 35 of CGST Act every registered person shall keep and maintain, at his principal placed of business as mentioned in the certificate of registration, a true and correct account of:-
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 and the registered person may keep and maintain such accounts and other particulars as may be prescribed.
If further states that every owner or operator of warehouse or any other place used for storage and every transporter, irrespective whether he is registered person or not, shall maintain shall maintain record of consigner, consignee etc.
According to sec 35(5) of CGST Act every registered person whose turnover during a financial year exceeds “Two Crore” shall get his accounts audited by a Chartered accountant or a cost accountant and shall submit a copy of audited annual accounts along with the reconciliation statement.
Accounts and records:- what CGST Rules 2017 says?
FORM GST ENR-01,either directly or through a Facilitation Center notified by the Commissioner and, upon validation of the details furnished, a unique enrollment number shall be generated and communicated to the said person.
For the purposes of Chapter XVI of these rules, a transporter who is registered in more than one State or Union Territory having the same Permanent Account Number, he may apply for a unique common enrollment number by submitting the details in FORM GST
ENR-02 using any one of his Goods and Services Tax Identification Numbers, and upon validation of the details furnished, a unique common enrollment number shall be generated and communicated to the said transporter.
Attention is invited to Circular No. 23/23/2017- GST dated 21.12.2017 which provides relaxation from maintenance of books of accounts relating to additional place of business by a principal or an auctioneer for the purpose of auction of tea, coffee, rubber etc. subject to prescribed conditions.
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