Goods and Services Tax

DOCUMENTS, ACCOUNTS & RECORDS IN GST (PART-III)

Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 5-12-2017 – Audit of Accounts As per section 35(5) of the GST Act, 2017 read with rule 80(3) of the GST Rules, 2017, every registered taxable person aggregate turnover during a financial year exceeds two crore rupees 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 statement of accounts, the reconciliation statement as required to be filed along with annual return under section 44(2) and such other documents in the form and manner as may be prescribed in this behalf. Accordingly, every registered taxable person whose turnover during a financial year exceeds two crore rupees, should: (a) get his accounts audited, (b) get audit conducted by a chartered accountant or a cost accountant, (c) submit to the proper officer, a copy of: (i) the audited statement of accounts, (ii) the reconciliation statement under section 44(2), (iii) other

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1949.As per section 2(1) (b) of Chartered Accountants Act, 1949, chartered accountant means a person who is a member of the Institute of Chartered Accountant of India (ICAI). As per section 2(35) of the GST Act, 2017 means a cost accountant within the meaning of the Cost and Works Accountants Act, 1959). As per section 2(1)(b) of Cost and Works Accountants Act, 1959, cost accountant means a person who is a member of the Institute of Cost and Works Accountants of India (ICAI). Records to be maintained by owner or operator of godown / warehouse / transporters Every person engaged in the business of transporting goods shall maintain records of goods transported, delivered and goods stored in transit by him and for each of his branches. Every owner or operator of a warehouse or godown shall maintain books of accounts, with respect to the period for which particular goods remain in the warehouse, including the particulars relating to dispatch, movement, receipt, and disposal of such goods.

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4) of the GST Rules, 2017, every registered person executing works contract shall keep separate accounts for works contract showing – (a) the names and addresses of the persons on whose behalf the works contract is executed; (b) description, value and quantity (wherever applicable) of goods or services received for the execution of works contract; (c) description, value and quantity (wherever applicable) of goods or services utilized in the execution of works contract; (d) the details of payment received in respect of each works contract; and (e) the names and addresses of suppliers from whom he received goods or services. Accounts and records by clearing & forwarding agent As per rule 56(17) of the GST Rules, 2017, any person having custody over the goods in the capacity of a carrier or a clearing and forwarding agent for delivery or dispatch thereof to a recipient on behalf of any registered person shall maintain true and correct records in respect of such goods handled by him on

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than one place of business, as evidenced by the certificate of registration, in such cases, accounts and records should be retained for a period of 6 years in terms of section 36(1) for each such place of business. According to proviso to section 36(1) of the GST Act, 2017, a taxable person, who is a party to an appeal or revision or any other proceeding before any appellate authority or tribunal or court, whether filed by him or by the department, shall retain the books of account and other records pertaining to the subject matter of such appeal or revision or proceeding for a period of one year after final disposal of such appeal or revision or proceeding, or for the period specified under sub-section (1), whichever is later. Accordingly, where a taxable person- ● is a party to an appeal or revision or any other proceeding before any appellate authority or tribunal or court, and ● whether such appeal etc is filed by him or by the department, such taxable person shall ret

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