Saturday 8 July 2017

Accounts and Records to be Maintained in GST

Registered Person is required to maintain records and accounts of:

  • Production or Manufacture of goods supplies ( inward/outward supply, supplier and recipient details, invoice ,credit/debit note,delivery Challan)
  • Stock (receipt,used, lost, balance and location where goods are stored including transit).
  • Agent's to maintain records (receipt and supply) on behalf of principal and records of authorisation by principal.
  • A C&F agent of carrier having custody of goods on behalf of a registered person shall maintain details  of goods handeled by him.
  • It is sufficient (but not necessary) to maintain accounts and records in electronic form.
  • Records can also be maintained manually- should be kept & accessible at the related place of business. 
  • Maintain for at least 6 years from due date of furnishing Annual Return.
  • Commissioner may notify a class of taxable persons to maintain additional documents.
  • Seprate Records for work contracts ( Receipts/supply/payments etc.)
  • Records should be produced when required.
  • Every taxable person having turnover above 2 Crore shall get his accounts audited by CA or Cost Accountant.
  • Shall submit copy of Audited Accoutns along with a reconciliation statement.

Maintain Electronic Records:

    • Authenticated by Digital Signature.
    • Maintained and preserved in the manner that these can be restored within resonable period in any circumstance.
    • On Demand to provide details,password, and explaination of codes used.

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