Accounts and Records to be maintained under GST

Accounts and Records to be maintained under GST

Every registered person under GST shall keep and maintain all records at his principal place of business, as mentioned in the certificate of Registration. In case 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. It is the responsibility of the the owner, operator of warehouse or godown or any other place used for storage of goods and every transporter to maintain specified records. Let us understand what are the accounts and records to be maintained under GST.

What are the records to be maintained under GST?

Accounts and Records to be maintained

  • Production or manufacture of goods
  • Inward and outward supply of goods or services, or both
  • Stock of goods
  • Input tax credit availed
  • Output tax payable and paid
  • Any other particulars as may be prescribed

In addition, every registered person shall keep and maintain records of-

  1. Goods or services imported or exported
  2. 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.

What are the accounts to be maintained under GST?

(a) accounts of stock in respect of goods received and supplied; and such account shall contain particulars of the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and balance of stock including raw materials, finished goods, scrap and wastage thereof

(b) a separate account of advances received, paid and adjustments made thereto

(c) an account containing the details of tax payable, tax collected and paid, input tax, input tax credit claimed together with a register of tax invoice, credit note, debit note, delivery challan issued or received during any tax period

(d) monthly production accounts showing the 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

(e) accounts showing the quantitative details of goods used in the provision of services, details of input services utilised and the services supplied

(f) names and complete addresses of of suppliers from whom goods or services have been received and the persons to whom supplies have been made

(g) the complete addresses of the premises where the goods are stored including goods stored during transit along with the particulars of the stock stored therein

Period for preservation of accounts:

All accounts maintained together with all invoices, bills of supply, credit and debit notes, and delivery challans relating to stocks, deliveries, inward supply and outward supply shall be preserved for seventy two months (six years) from the due date of furnishing of annual return for the year pertaining to such accounts and records and shall be kept at every related place of business mentioned in the certificate of registration.

Accounts and records to be maintained by Works Contractors:

  • The names and addresses of the persons on whose behalf the works contract is executed
  • Description, value and quantity (wherever applicable) of goods or services received for the execution of works contract
  • Description, value and quantity (wherever applicable) of goods or services utilized in the execution of works contract
  • The details of payment received in respect of each works contract and
  • The names and addresses of suppliers from whom he has received goods or services

Accounts and records to be maintained by Agents:

  • Particulars of authorization received by him from each principal to receive or supply goods or services on behalf of such principal separately
  • Particulars including description, value and quantity (wherever applicable) of goods or services received & Supplied on behalf of every principal
  • Details of accounts furnished to every principal and
  • Tax paid on receipts or on supply of goods or services effected on behalf of every principal.

Accounts and records to be  maintained by Godown and warehouse owner or operators, and transporters:

There are different requirements for warehouse owner or operators and transporters. Whether registered or not, they must maintain records as prescribed under draft GST rules:

  • Every unregistered must submit business details electronically in Form GST ENR-01
  • Every transporter must maintain separate records for all branches of goods transported, delivered, and stored in transit
  • Every warehouse and godown owner or operator must maintain books of accounts for each period that goods remain in the warehouse, including details relating to dispatch, movement, receipt, and disposal of such goods
  • The owner or operator must store the goods so that they can be identified item wise and owner wise and shall facilitate any physical verification or inspection, if required at any time

Accounts and records to be maintained by Manufacturers:

  • Monthly production accounts showing the quantitative details of raw materials or services used in the manufacture
  • Quantitative details of the goods manufactured, including any waste and by-products

Accounts and records to be maintained by Service Providers:

  • Maintain the accounts showing quantitative details of goods used in the provision of services
  • Details of input services utilised and
  • Details of the services supplied.

Maintenance of electronic records:

The following requirements have been prescribed for maintenance of records in electronic form.

  • Proper electronic back-up of records
  • Produce, on demand, the relevant records or documents, duly authenticated, in hard copy or in any electronically readable format

If any queries or looking for any help on this, please visit us at https://www.reachaccountant.com/

Check GST Common portal for information https://cbec-gst.gov.in/

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