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Understanding Draft GST Rules on Accounts and Records

Jun 07, 2017

1. Every registered person shall keep an maintain true and correct account of production/manufacture of goods, inward outward supply, stock of goods, input tax credit(ITC availed) and all its related details, a true and correct account of the goods or services imported or exported or of supplies attracting payment of tax on reverse charge along with relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills.

2. The account shall be maintained separately for each activity including manufacturing, trading and provision of services, etc.

3. Every registered person shall keep the particulars of – (a) names and complete addresses of the persons of suppliers, (b) and to whom the supply has been made, (c) the complete addresses of the premises where the goods are stored including goods stored during transit.

4. If any taxable goods are found to be stored at any place(s) other than those declared above, without the cover of any valid documents, the proper officer shall determine the amount of tax payable on such goods as if such goods have been supplies by the registered person.

5. Every registered person supplying services shall maintain the accounts showing the quantitative details of goods used in the provision of each service, details of input services utilised and the services supplied.

6. Books of account including any electronic form of the data stored on any electronic device, shall be kept at the principal place of business and at every related place(s) of business mentioned in the certificate of registration.

7. Each volume of books of account shall be serially numbered and the records maintained in electronic form shall be authenticated by means of a digital signature.

8. Proper electronic backup of records shall be maintained and preserved in such manner that, in the event of destruction of such natural records due to accidents or natural causes, the information can be restored within reasonable period of time.

9. Owner or operator of godown or warehouse and transporters who is required to maintain records and accounts, if not already registered under GST Act, shall submit the details regarding his business electronically on the common portal in FORM GST ENR-01, and upon validation of the details furnished, a unique enrolment shall be generated and communicated to the said person.

This article was first published on LinkedIn by Priyal Shah

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