ACCOUNTS AND RECORDS

It is suggested that Rules ( Draft GST Accounts and Records Rules)  be redrafted as follows:

 Rule 1 – Accounts

Every registered taxable person shall maintain and preserve accounts as follows:

a) Prescribed under Companies Act, 2013 to the person having same PAN

b) If (a) is not applicable, those prescribed under any other law which requires the person having same PAN to maintain accounts

c) If (a) and (b) are not applicable, accounts prescribed under either (a) or (b) had the same been applicable

Rule 2 – Records

Every registered taxable person shall maintain and preserve accounts as follows:

a) Documents and records that form the basis for the information available on Common Portal in respect of allotted registration number

b) Contracts, agreements and other documents of arrangements with other persons

c) Documents and records in respect of nature of transaction with other distinct persons

d) Such other documents as may be specified by Commissioner

Rule 3 – Accounts and Records on Computer System

Every registered taxable person may maintain accounts and records in any computer system or other software application at any location including remote location. The remote location shall not be such as to render the information unavailable at any time.

The information referred above shall be maintained separately by every distinct person in a manner that the following information is available in respect of transactions at every location in the State:

Inward and outward supplies

Removal of goods not being supplies and their returns

Portion of its information that is uploaded on Common Portal by said registered taxable person

Source ICAI Suggestions on GST Rules Submitted to Govt of India