According to section 35 of the Act, every registered person is obligatory to keep and maintain books of account at his principal place of business, as mentioned in the certificate of registration.
|Accounts||Information to be furnished therein|
|Account/Records to be maintained by Assessee that carry out manufacturing activities|
|Register of Goods Produced||Details of goods manufactured in a factory or production house|
|Account/Records to be maintained by all Assessee|
|Purchase Register||All the purchases made within a tax period for manufacturing of goods or provision of services|
|Sales Register||All the sales made within a tax period must be maintained|
|Stock Register||A correct stock of inventory available at any given point of time|
|Input Tax Credit Availed||The details of Input Tax Credit availed for a given tax period|
|Output Tax Liability||The details of GST liability outstanding to be adjusted against input credit or paid out directly|
|Output Tax Paid||The details of GST paid for a particular tax period|
|Account/Records to be maintained by Specific Businesses as notified by the government|
|Other Records Specified||Government can further specify by way of a notification, additional records and accounts to be maintained|
As per Section 35 of the Act, read with Draft Accounts and Records Rules, a registered taxable person needs to maintain the following mandatory books of on a true and correct basis:
Apart from mandatory books, a registered taxpayer also need to maintain below mentioned Additional Accounts
According to Rule 1(15) of Accounts and Records Rules, 2017 the registered taxable person who provides works contract service shall maintain the accounts showing:
Every agent as per the GST is required to maintain the following accounts:
Every owner/operator of warehouse or godowns or any other place used for storage of goods and transporter (whether registered or not) needs to maintain records of consigner, consignee and other relevant details as under:
For owners/operators of godowns/warehouses
Owner/operator of warehouse or godowns or any other place used for storage of goods and transporter if not registered is required to submit the details regarding his business electronically on the Common Portal in FORM GST ENR-01, either directly or through a Facilitation Centre notified by the Commissioner.
|Place||The books of account are to be maintained at principal place of business as mentioned in the certificate of registration.|
|In case of additional places of business, the accounts relating to each place of business shall be kept at such places of business concerned.|
|Exception||In case any persons is not in a position to keep and maintain accounts in accordance with the provisions of this section, the Commissioner/ Chief Commissioner may permit such persons to maintain accounts in such manner as may be prescribed after recording the reasons for the same.|
|Time limit –||Every registered person required to maintain books of accounts has to retain such accounts until the expiry of 72 months from the date of filing of annual returns for the year pertaining to such accounts and records.|
a) TRUE AND CORRECT accounts of the goods or services supplied or imported or exported or supplies attract tax on reverse charge along with relevant documents like:
b) With regard to stock (For each commodity):- ( except person paying tax U/s 10 ; opted composition scheme)
c) With regards to advances:
d) Each RP ( except person paying tax U/s 10 ; opted composition scheme) shall maintain details of tax payable, tax collected, paid, input tax credit claimed along with others.
e) Every RP shall keep the name and complete address of
f) Any taxable goods are found to be stored in any other place (other than the registered premises) without any valid documents the Proper officer shall determine the tax payable on such goods as if such goods have been supplied by the RP.
g) Every RP shall keep the books of accounts (both in paper and electronic form) at the Principal Place of business and at other places as mentioned in his certificate of registration.
h) Any entry in registers, accounts and documents shall not be erased, effaced or overwritten and all incorrect entries shall be scored with proper attestation after recording correct entry. In case of electronic accounts a log of every entry edited/deleted to be maintained.
i) Each volume of books of accounts shall be serially numbered.
j) Any documents, registers or books of accounts belonging to a RP found at any other premises (not mentioned in registration certificate) shall be presumed to be maintained by the said RP.
k) Every Agent shall maintain the following:
l) Every RP shall maintain the Monthly production/accounts showing quantitative details of raw materials/input services used in manufacture/provision of services and details of finished goods/services, waste and by-products thereof.
m) Every RP executing works contracts shall keep separate acconts for each work contract showing;
n) In case of records maintained in electronic form the same shall be authenticated by means of a digital signature.
o) All the books of accounts shall be preserved for a period as mentioned U/s 36 and produce on demand.
p) Any person like carrier, custodian or clearing & forwarding agent shall maintain true and correct records in respect of goods handled by them on behalf of registered persons and shall produce as and when required by the proper officer.
Every registered taxable person under GST must maintain the books of accounts for at least 72 months (i.e. 6 Months). The period is calculated from the date of filing of the last Annual Return. And as per the provisions of chapter XIX, if a taxpayer is a part of any legal proceedings or investigation he must maintain the books of accounts for 1 year after the order of such appeal has been passed, or the period mentioned above whichever is later.
If a taxable person, required to maintain the books of accounts under GST, fails to do so shall attract a penalty. Also, the goods/services will be treated as the unaccounted goods/services supplied by the taxpayer and liability will be calculated accordingly by the assessing officer on such unaccounted goods/services and the taxpayer must pay the tax liability thus calculated along with the penalty.
The various laws that are being constantly being updated, can take your focus away from developing your business. So, enlist the aid of the GST experts at H&R Block India to help you with everything from GST Registration to Compliance to Reconciliation.