Goods and Services Tax

Accounts and Records including Accounting Ledgers under GST

Goods and Services Tax – GST – By: – CASanjay Kumawat – Dated:- 13-4-2018 – Maintenance of books of accounts and necessary supporting and relevant records are highly essential requirements for proper management and control of the business operations. This will facilitate the correct receipt and payment of cash and other transactions entered by the company. It is mandatory to maintain the books of accounts under Indian Companies Act, 2013 and GST Act, 2017. Hence accounts maintenance in India is compulsory. Under GST Act, 2017, as per section 35 of the CGST Act, 2017, 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- 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; and such other particulars as may be prescribed. Accordingly, a registered person under GST is re

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the accounts relating to each place of business shall be kept at such places of business; the registered person may keep and maintain such accounts and other particulars in electronic form in prescribed manner; every owner or operator of warehouse or godown or any other place used for storage of goods and every transporter (irrespective of whether he is a registered person or not) shall maintain records of the consigner, consignee and other relevant details of the goods in the prescribed manner; every registered person whose turnover during a financial year exceeds the two crore rupees [Rule 80(3) of the CGST Rules, 2017] 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 and such other documents in prescribed form and manner; every registered person, other than a person paying tax under section 10, i.e., composition scheme, shall maintain the accounts of stock in respect of

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aintained; 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; 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 contrac

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ppression of facts), as the case may be, shall, mutatis mutandis, apply for determination of such tax. Period of Retention of Accounts [Section 36 of the CGST Act, 2017] Under GST, every registered person required to keep and maintain/retain books of account or other records until the expiry of 72 months from the due date of furnishing of annual return, i.e., 31st December for the year pertaining to such accounts and records. It may be noted 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 1 year after final disposal of such appeal or revision or proceedings or investigation, or for the period speci

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A/c, Provisional ITC SGST A/c, Provisional ITC IGST A/c, Provisional ITC Compensation Cess A/c Electronic Credit CGST A/c, Electronic Credit SGST A/c, Electronic Credit IGST A/c, Electronic Credit Compensation Cess A/c Electronic Cash CGST A/c, Electronic Cash SGST A/c, Electronic Cash IGST A/c, Electronic Cash Compensation Cess A/c Cash/Bank A/c Total XXX Statement of Profit and Loss Outward Supply- Local B2B Supply A/c, Local B2C Supply A/c, Interstate B2B Supply A/c, Interstate B2C Supply A/c, Export Supply A/c, Exempt Supply A/c, E-Com Supply A/c. Inward Supply- Purchases A/c, Exempt Purchases A/c, Expenses A/c, Inward Supply-Purchases A/c. Others Total (GP/NP) XXX Conclusion In addition, taxpayers must be able to produce, on demand, an account of the audit trail and inter-linkages, including the source document (paper or electronic), financial accounts, record layout, data dictionary, an explanation for codes used, and the total number of records in each field along with sample co

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