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.
No comments:
Post a Comment