Accounts & Records to be maintained by Registered Persons
(1) Every Registered Person will keep and maintain a true and correct account either manually or electronic form as per Section-35 of CGST Act 2017 & Accounts and records draft rules 2017, at his principal place of business or any other place of business as mentioned in his certificate of registration, as follow :-
(i) Production or manufacture of goods;
(ii) Inward & outward supply of goods or services or both;
(iii) Stock of goods;
(iv) ITC availed;
(v) Output tax payable and paid;
(vi) Goods or services imported or exported
(vii) Supplies attracting payment of tax on reverse charge
(viii) Invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills.
(ix) Separate account of advances received, paid and adjustments made
(x) Names and complete addresses of suppliers & Receiver of goods or services;
(xi) Complete addresses of the premises where the goods are stored, including goods stored during transit along with particulars of stock stored therein.
(xii) Monthly production accounts, showing the quantitative details of raw materials or service used in manufacture and quantitative details of goods so manufactured including waste and by products if registered person manufacturing the goods.
(xiii) Quantitative details of goods used in provision of each service, details of input services utilised and services supplied if registered person supplying services.
(2) It will be maintained separately for each activity including manufacturing, trading and provision of services, etc.
(3) Commissioner may notify a class of taxable persons to maintain additional accounts or documents for such purpose as may be specified therein.
(4) Commissioner may, for reasons to be recorded in writing, permit such class of taxable persons to maintain accounts in such manner, where he considers that any class of taxable persons is not in a position to keep and maintain accounts in accordance with the provisions of this section
(5) Every registered person shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under section 44(2) and such other document if his turnover during a financial year exceeds the prescribed limits.
(6) Where registered person fails to account for goods or services or both in accordance with the provisions, Proper officer shall determine the amount of tax payable on goods or services or both that are not accounted for, as if such goods or services or both had been supplied by such person and provisions of section 73 or section 74, as the case may be, shall apply for determination of such tax.
(7) Deletion, overwriting will not be allowed in registers, accounts and documents and all incorrect entries shall be scored out under attestation and thereafter correct entry shall be recorded, and a log will be maintained for every entry edited or deleted where registers and other documents are maintained electronically.
(8) Books of account shall be serially numbered as maintained by registered person.
Accounts & Records to be maintained by Agent
Agent will maintain the accounts as follow -
(i) Particulars of authorization received by him from each principal to receive or supply goods or services on behalf of such principal separately;
(ii) Particulars including description, value and quantity (wherever applicable) of goods or services received & Supplied on behalf of every principal;
(iii) details of accounts furnished to every principal; and
(iv) tax paid on receipts or on supply of goods or services effected on behalf of every principal.
Accounts & Records to be maintained by Work Contractor
Works contractor will keep separate accounts for each works contract as follow :-
(i) Names & addresses of persons on whose behalf the works contract is executed;
(ii) Description, value and quantity(wherever applicable) of goods or services received & utilized for the execution of works contract;
(iii) Payment received detail in respect of each works contract
(iv) Names & addresses of suppliers from whom he has received goods or services.
Accounts & Records to be maintained by Godown owner/Operator and Transporter
1) Godown owner/operator and Transporter or any other place used for storage of goods and whether he is a registered person or not, shall maintain -
i) Records of consigner,
ii) Record of consignee and
iii)Other relevant details of goods.
iv) Particulars relating to dispatch, movement, receipt, and disposal of goods
v) Goods transported, delivered and goods stored in transit (in case of transporter)
2) If person is not already registered under the Act, will submit the details regarding his business in FORM GST ENR-01 and, upon validation of the details furnished, a unique enrolment number shall be generated and communicated to said person and where amendment is required, in details furnished in FORM GST ENR-01, he may amend the same electronically on the Common Portal either directly or through a Facilitation Centre .
Period to retain the books of accounts and records
According to Sec- 36 of CGST Act 2017 - Every registered person required to keep and maintain books of account or other records will retain them until the expiry of 72 months from the due date of furnishing of annual return for the year pertaining to such accounts and records:
A registered person will retain the books of account and other records for a period of 1 year after final disposal of appeal or revision or proceedings or investigation, or for the period specified above, whichever is later, which are pertaining to the subject-matter of such appeal or revision or proceedings or investigation.
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