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Accounts & Records Under GST

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Venkatesh Prabhu
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18 views

Accounts & Records Under GST

Uploaded by

Venkatesh Prabhu
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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ACCOUNTS AND RECORDS UNDER GST

As per Section 35(1) of the CGST Act, 2017:


Every registered person is required maintain a true and correct account of the
following:
(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) Any other particulars deemed necessary
The above records must be maintained at each place of business registered under GST
In addition, the rules (i.e. Rule 56(1) of the CGST Rules, 2017) also provide that the
registered person shall keep and
maintain records of-
(a) goods or services imported or exported or
(b) supplies attracting payment of tax on reverse charge along with the relevant
documents, including invoices,
bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment
vouchers, refund
vouchers and e-way bills

Rule 56(2) of the CGST Rules, 2017, every registered person, other than a person
paying tax under section 10,
shall maintain the accounts of stock in respect of goods received and supplied by him,
and such accounts 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.

Rule 56(4) of the CGST Rules, 2017, every registered person, other than a person
paying tax under section 10, shall keep and maintain an account, containing the details
of tax payable (including tax payable in accordance with the provisions of sub-section
(3) and sub-section (4) of section 9), tax collected and paid, input tax, input tax credit
claimed, together with a register of tax invoice, credit notes, debit notes, delivery
challan issued or received during any tax period. It means the above records not
required to be maintained by a supplier opting for composition levy
Rule 56(14) of the CGST Rules, 2017, every registered person executing works contract
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.

Period of retention of accounts [Section 36]

Every taxpayer shall maintain the books of accounts and ancillary records, until the
expiry of 72 months, from the due date of furnishing the annual return for the year to
which the records relate.
However, a registered person who is party to an appeal / any other proceedings, before
any authority / tribunal, shall have to maintain the accounts and books / records,
pertaining to the matters of such appeal for a minimum period of 1 year after disposal
of such appeal / revision as the case may be.

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