Category: Accounts under GST

A registered person, who is a party to an appeal or revision or any other proceeding before any Appellate Authority or Tribunal or Court, or investigation for an offence under Chapter XIX, shall retain the books of account pertaining to the subject matter of such appeal or revision or proceedings or investigation for a period of one year after final disposal of such appeal or revision or proceedings or investigation, or until the expiry of 72 months from the due date of filing of Annual Return for the year pertaining to such accounts and records, whichever is later.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 20)

Yes, as per section 36 every registered person is required to keep and maintain books of account or other records as prescribed under Section 35(1) and retain them until the expiry of 72 months from the due date for filing of Annual Return for the year pertaining to such accounts and records.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 19)

Yes. As per Rule 56(13) of the CGST Rules, 2017, a supplier of service is required to maintain quantitative details of goods used in provision of each service, details of input service utilized and services supplied.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 18)

Yes.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 17)

The proper officer is free to determine the amount of tax payable on such goods as if the goods have been supplied by the registered person.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORD: FAQ NO. 16)

Yes, as per Rule 58 the CGST Rules, 2017, owner/ operator of warehouse or godowns or any other place used for storage of goods and transporter, if not already registered is required to submit the details regarding his business electronically on the Common Portal in FORM GST ENR-01, either directly or through a Facilitation Centre notified by the Commissioner and, upon validation of the details furnished, a unique enrollment number shall be generated and communicated to the said person.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 15)

Yes, every owner/ operator of warehouse or godowns or any other place used for storage of goods and transporter (whether registered or not) needs to maintain records of consigner, consignee and other relevant details as under:
1. For Transporter:
 GSTIN of registered consignor/consignee
 Goods transported
 Goods delivered
 Goods stored in transit by him
2. For owner/ operator of a warehouse or godowns:
 Accounts related to that period for which goods remain with him
 Details of dispatch, movement, receipt and disposal of goods
Further, owner/ operator of warehouse or godowns should store the goods in such a way that they can be identification item-wise and owner-wise and shall facilitate any physical verification/ inspection by proper officer on demand.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 14)

Yes, where the registered person fails to account for the goods and/or services in accordance with Section 35(1), the proper officer shall determine the amount of tax payable on the goods and/or services that are not accounted for, as if such goods and/or services had been supplied by such person, and the provisions of Sections 73 or 74, as the case may be, shall apply, mutatis mutandis, for determination of such tax.
Note:
 Under section 17(5)(h), input tax credit shall not be available in respect of goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and
 Section 73 & 74 are the demand-related provisions under the Act.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 13)

Yes, every registered person whose aggregate turnover during a financial year exceeds the prescribed limit of ` 2 Crore, shall get his accounts audited by a chartered accountant or a cost accountant and shall submit to the proper officer a copy of the audited annual accounts, the reconciliation statement (duly certified, in FORM GSTR-9C) under Section 44(2) and such other documents in the form and manner as may be prescribed.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 12)

Yes, in case any class of taxable persons is not in a position to keep and maintain accounts in accordance with the provisions of section 35, the Commissioner may permit such class of taxable persons to maintain accounts in such manner as may be prescribed after recording the reasons for the same in writing.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 11)