Accounts and Records under GST - 16 Important Questions Answered. Hopefully GST will be implemented by July 1, 2017. On bringing GST into practice, there would be merger of Central and State taxes into a single tax payment. The CAknowledge is striving to organise more and more workshops and lecture meets on GST. This article explains Accounts and Records as per Goods & Service Tax Act 2017, GST effective date, Short term and long term impact on GST & latest updates related to Accounts and Records under GST Regime. Lets understand what is the Accounts and Records under GST, Applicability of GST in GST Regime, GST rates, its impact on your business and latest updates about GST Act 2017. Now check more details for Accounts and Records as per CGST Act 2017...
Accounts and Records under GST
Q1. Should every registered person required to maintain books of account?Ans. Yes. As per Section 35 of the Act, every registered person is required to keep and maintain books of account at his principal place of business that is mentioned in the certificate of registration.
Q2. What are the basic accounts required to be maintained by a person at the principal place of business?
- (a) Production or manufacture of goods;
- (b) Inward or outward supply of goods or services of both;
- (c) Stock of goods;
- (d) Input tax credit availed;
- (e) Output tax payable and paid;
Q3. What are the additional accounts to be maintained by the registered person under Rule 1 of Accounts and Records Rules, 2017?Ans. Every registered person, in addition to the records to be maintained under section 35 of the Act, is required to maintain following additional accounts on a true and correct basis:
- Goods or services imported or exported;
- Supplies attracting reverse charge along with documents (including invoices, bill of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills);
- Accounts of stock for each commodity received and supplied – containing particulars of 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 (these details need not be maintained by a composition dealer)
- Advances received, paid and adjustments thereto;
- Tax payable on reverse charge basis;
- 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;
- names and complete addresses of suppliers from whom he has received the goods or services;
- names and complete addresses of the persons to whom he has supplied the goods or services; and
- the complete addresses of the premises where the goods are stored by him, including goods stored during transit along with the particulars of the stock stored therein.
Q4. Is an agent required to maintain any set of books of accounts?
- 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 on behalf of every principal;
- particulars including description, value and quantity(wherever applicable) of goods or services 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.
Q5. Is there any specific set of records to be maintained by the provider of works contract service?Ans. Yes as per Rule 1(15) of Accounts and Records Rules, 2017 the registered person providing works contract service shall maintain the accounts showing-
- 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 each 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.
Q6. Is there any specific record to be maintained by custodian of goods?
Q7. Where are the books of account liable to be maintained?Ans. The books of account are to be maintained at principal place of business as mentioned in the certificate of registration.
Q8. In case of more than one place of business, the records are required to be maintained only at principal place of business?
Q9. Whether accounts can be maintained in the electronic form?Ans. Yes, the registered person may keep and maintain such accounts and other particulars in the electronic form, in the manner as may be prescribed.
- Goods transported
- Goods delivered
- Goods stored in transit by him and branches
- Accounts related to that period for which goods remain with him
- Details of dispatch, movement, receipt and disposal