Accounts and Records under GST
Who to maintain Accounts and Records under GST
The every person who get himself registered under Model GST Law [ section 42 of Model GST Law]
What to maintain in Accounts and Records under GST
True and Correct Account of
I. Production or manufacture of Goods
II. inward or outward supply of goods and/or services
III. stock of goods
IV. input tax credit availed
V. output tax payable and paid
VI. such other particulars as may be prescribed
The above list of records are not exhaustive, the commissioner or Chief Commissioner may add some more records to be maintained.
Where to maintain in Accounts and Records under GST
This records shall be kept at place of business
But if Registered Person (RP) has more than one place of business then accounts relates to each place of business shall be kept at same place of business only.
Example- A is registered under Delhi and having four place of business in Delhi itself. Then he will maintain accounts for all four such place at these place only.
How to maintain in Accounts and Records under GST
Such Account and Records shall be maintained in Electronically in the manner as may be prescribed. It means records shall be made in computer only. Manual book keeping is not allowed.
Exception
Those who may not keep records electronically , then they may approach to Commissioner or Chief Commissioner to permit them for to do so.He may, for reasons to be recorded in writing, permit such class of taxable persons to maintain accounts in such manner as may be prescribed
Audit of Accounts and Records under GST
Every registered taxable person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by Chartered or Cost Accountant. And submit Audit report at the time of filing of Annual Return by end of December next to closure of Financial Year under Section 30 of Model GST LawThe manner and other document to submit shall be prescribed
Period for which Accounts and Records under GST needs to be maintained
The Records and Accounts as specified in section 42 shall be kept for the period of 60 month from the last date of filing of Annual Return (i.e Sept of following year.) [secton 43(1)]
However in case where any appeal/revision/ or any other proceeding made before appellate Authority /Tribunal of Court then the books of account and other records pertaining to the subject matter of such appeal or revision or proceeding shall be kept for a period of one year after final disposal of such appeal or revision or proceeding, or for the period specified under sub-section (1), whichever is later
Free Education Guide on Goods & Service Tax (GST)