Provisions of Accounts and Records under GST Law - Question Answers
Question 1: What are the records/documents are required to be maintained under GST Laws?Answer: Section 35 and 36 of CGST Act, 2017 read with Rule 56 to 58 of CGST Rules, 2017 deals with provisions of Accounts and Records under GST Laws.
- (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; and
- (f) such other particulars as may be prescribed
- 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;
- 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 contract;
- e) the names and addresses of suppliers from whom he received goods or services. [Rule 56 (14)]
Question 2: What is Document under GST Law?Answer: It is important to note that the definition of document under CGST Act looks simple but is extensive as it takes its root to Information Technology Act, 2000.
Question 3: What is the meaning of term “True and Fair”?
Question 4: What is the meaning of term “True and Correct”?
- True is associated with factual position,
- Fair is associated with reasonableness, and
- Correct is associated with Accuracy, Precision and Validness.
Question 5: What is the provision for alteration and deletion of documents?Answer: As per Rule 56 (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 thereafter the 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.
Question 6: Is Accounts and Records are subject to Audit under GST Laws?
Question 7: What is the period of retention of Accounts and Records?
|For the FY||Date of Annual Return||Records to be maintained upto|
|FY 2017-18 (From July 2017 to March 2018)||31st December 2018||31st December 2024|
|FY 2018-19||31st December 2019||31st December 2025|
|FY 2019-20||31st December 2020||31st December 2026|