Category: Accounts under GST

The Commissioner may notify a class of taxable persons to maintain additional accounts or documents for such purpose as may be specified therein.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 10)

Yes, the registered person may keep and maintain such accounts and other particulars in the electronic form and must be digitally signed. Proper electronic back-up of records shall be maintained and presented. The same must be produced on demand along with its sample hard copy and passwords, codes, etc.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 9)

No, in case of additional places of business, the accounts relating to each place of business shall be kept at such places of business concerned (provided such place is specified in the certificate of registration) such books of account shall include any electronic form of data stored on any electronic device.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 8)

The books of account are to be maintained at principal place of business, as mentioned in the certificate of registration. Provided that where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 7)

Yes, as per Rule 56(17) of the CGST Rules, 2017, the clearing and forwarding agent or the carrier of goods shall maintain true and correct records in respect of such goods handled by him on behalf of the registered person.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 6)

Yes as per Rule 56(14) of the CGST Rules, 2017, the registered person providing works contract service shall maintain the accounts showing-
1. the names and addresses of the persons on whose behalf the works contract is executed;
2. description, value and quantity (wherever applicable) of goods or services received for the execution of works contract;                                                                     3. description, value and quantity (wherever applicable) of goods or services utilized in the execution of each works contract;
4. the details of payment received in respect of each works contract; and
5. the names and addresses of suppliers from whom he has received goods or services.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 5)

Yes as per Rule 56(11) of the CGST Rules, 2017, every agent referred in section 2(5) of the CGST Act, 2017 shall maintain accounts containing:
1. particulars of authorization received by him from each principal to receive or supply goods or services on behalf of such principal separately;
2. particulars including description, value and quantity (wherever applicable) of goods or services received on behalf of every principal;
3. particulars including description, value and quantity (wherever applicable) of goods or services supplied on behalf of every principal;
4. details of accounts furnished to every principal; and
5. tax paid on receipts or on supply of goods or services effected on behalf of every principal.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 4)

Every registered person, in addition to the records to be maintained under section 35 of the CGST Act, is required to maintain following additional accounts on a true and correct basis:                                                                                          1. Goods or services imported or exported;
2. Supplies attracting reverse charge along with relevant documents (including invoices, bill of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers);
3. Accounts of stock in respect of goods received and supplied – containing
particulars of opening balance, receipt, supply, goods lost, stolen, destroyed,written off or disposed of by way of gift or free samples and balance of stock including raw materials, finished goods, scrap and wastage thereof (these details need not be maintained by a composition dealer);
4. Advances received, paid and adjustments made thereto;
5. Tax payable on reverse charge basis;
6. 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 during any tax period (Not applicable to composition dealer);
7. Names and complete addresses of suppliers from whom he has received the goods or services;
8. Names and complete addresses of the persons to whom he has supplied the goods or services; and
9. Complete addresses of the premises where the goods are stored by him,
including goods stored during transit along with the particulars of the stock stored therein.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 3)

As per Section 35 of the CGST Act, 2017 read with the CGST Rules, 2017, the following accounts need to be maintained on a true and correct basis:
(a) Production or manufacture of goods;
(b) Inward or outward supply of goods or services of both;
(c) Stock of goods;
(d) Input tax credit availed;
(e) Output tax payable and paid;
(f) Such other particulars as may be prescribed.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 2)

Yes, as per Section 35 of the CGST Act, 2017 every registered person is required to keep and maintain books of account at his principal place of business, as mentioned in the certificate of registration.

(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO.1)