Provisions relating to Accounts and Records under GST in 10 points
1. Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of-
[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.
Each volume of books of account maintained manually by the registered person shall be serially numbered.
2. Registered person shall also maintain 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.
3. Every registered person, other than a person paying tax under composition, shall maintain accounts of stock in respect of goods received and supplied by him, and such account shall contain particulars of opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample and balance of stock including raw material, finished goods, scrap and wastage thereof. Registered person shall keep and maintain a separate account of advances received, paid and adjustments made thereto. Registered person, other than a person paying tax under composition, shall also keep and maintain an account, containing the details of tax payable (including tax payable in as reverse charge, tax collected and paid, input tax, input tax credit claimed, together with a register of tax invoice, credit note, debit notes, delivery challan issued or received during any tax period.
4. Every registered person shall keep the particulars of -
(a) names and complete addresses of suppliers from whom he has received the goods or services chargeable to tax under the Act;
(b) names and complete addresses of the persons to whom he has supplied goods or services, where required under these rules;
(c) the complete address of the premises where goods are stored by him, including goods stored during transit along with the particulars of the stock stored therein.
5. Every registered person manufacturing goods shall maintain monthly production accounts, showing 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. Every registered person supplying services shall maintain the accounts showing quantitative details of goods used in the provision of services, details of input services utilised and the services supplied.
6. If any taxable goods are found to be stored at any place(s) other than those declared 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 supplied by the registered person. 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.
7. Subject to goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples, Where the registered person fails to account for the goods or services or both the proper officer shall determine the amount of tax payable on the 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 the provisions of section 73 or section 74, (Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason) as the case may be, shall, mutatis mutandis, apply for determination of such tax.
8. Any entry in registers, accounts and documents shall not be erased, effaced or overwritten, and all incorrect entries, otherwise than those of clerical nature, shall be scored out under attestation and there after correct entry shall be recorded and where the registers and other documents are maintained electronically, a log of every entry edited or deleted shall be maintained.
9. Every registered person shall retain accounts and records until the expiry of seventy-two months from the due date of furnishing of annual return for the year pertaining to such accounts and records:
Provided that a registered person, who is a party to an appeal or revision or any other proceedings before any Appellate Authority or Revisional Authority or Appellate Tribunal or court, whether filed by him or by the Commissioner, or is under investigation for an offence under Chapter XIX, shall retain the books of account and other records pertaining to the subject matter of such appeal or revision or proceedings or investigation for a period of one year after final disposal of such appeal or revision or proceedings or investigation, or for the period specified above, whichever is later.
10. Generation and maintenance of electronic records- The records under these rules may be maintained in electronic form and the record so maintained shall be authenticated by means of a digital signature. Proper electronic back-up of records shall be maintained and preserved in such manner that, in the event of destruction of such records due to accidents or natural causes, the information can be restored within reasonable period of time.
The registered person maintaining electronic records shall produce, on demand, the relevant records or documents, duly authenticated by him, in hard copy or in any electronically readable format. Where the accounts and records are stored electronically by any registered person, he shall, on demand, provide the details of such files, passwords of such files where necessary for access and any other information which is required for such access along with sample copy in print form of the information stored in such files.