Records and Accounts to be maintained by Taxpayer in GST

Under GST the compliance verification is done by the department on the basis of the records maintained by the taxpayer. There comes a need of maintenance of the same.

As per the GST Act, every person who has obtained GST registration have to keep the accounts and records relating to following at its principal place of business:

·       All goods manufactured or produced

·       Services provided or received

·       Stock of goods

·       ITC availed

·       Output tax availed

·       Other prescribed document

In addition to the above mentioned documents the records relating to following details shall also be maintained by the taxpayer:

·       Goods and services imported or exported

·       Supplies on which reverse charge payable along with documents is including invoices, bills of supply, challans, credit and debit notes, vouchers and e way bills.

In case of:

·       The taxpayer has more than 1 place of business, accounts related to each place of business shall be kept at such places

·       The turnover of the taxpayer exceeds 1 crores in a financial year, the audited annual accounts from CA/CWA shall also be submitted

·       If Commissioner asks for maintenance of additional accounts, then additional accounts maintenance to be done as per the order

As per the GST Act, following records to be maintained by the person having GST registration:

1.     Accounts of stock in respect of goods received and supplied

2.     Accounts of advances paid or received

3.     Accounts containing the details of tax payable, tax collected and paid, input tax, input tax credit claimed together with a register of tax invoice, credit note, debit note, delivery challan issued or received

4.     names and complete addresses of suppliers from whom goods or services chargeable to tax under the Act, have been received

5.     names and complete addresses of the persons to whom supplies have been made

6.     the complete addresses of the premises where the goods are stored including goods stored during transit along with the particulars of the stock stored therein

7.     monthly production accounts showing the quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof

8.     accounts highlighting the details of goods used in the providing of services, details of input services utilized and the services supplied

9.     Records maintenance in case of transport business: Person engaged in the business of transporting shall maintain records of goods transported, delivered and goods stored in transit by him and for each of his branches

10.  Maintenance by the operator of warehouse: Person being and operator of warehouse/godown shall maintain that for how much period particular goods remain in the warehouse, including the particulars relating to dispatch, movement, receipt, and disposal of such goods.

CONSEQUENCES FOR NON MAINTAINING RECORDS

If the tax payer doesn’t maintain the proper records and accounts, proper officer will treat the accounts as unaccounted and tax liability will be determined on the basis of these unaccounted records.