Goods and Services Tax – GST – By: – CA.Ram Akshya – Dated:- 2-6-2018 – 1. Introduction Maintenance of books of account and documentation is one of the important compliance requirement under any tax law. The tax payer or the assessee is required to record all transactions in his books of account and keep all the documents entered into for any transaction in safe custody up to a particular period of time. Different tax law specifies different period for which records, documents etc. should be preserved. Further, the correct assessment, audit, verification of compliances are based on proper maintenance of books of accounts and records keeping. Goods and Service Tax (GST) is mainly self-assessment based system where the registered person is required to assess his liability and pay it by filing applicable returns. Off course, the basis for this is underlying records for a particular transaction. The GST law has also prescribed documents required to be issued by different kinds of supplier
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or paper include books of account, deeds, vouchers, writings, documents, minutes and registers maintained on paper or in electronic form. As per Section 2(13) of Companies Act 2013, books of account includes records maintained in respect of- (i) all sums of money received and expended by a company and matters in relation to which the receipts and expenditure take place; (ii) all sales and purchases of goods and services by the company; (iii) the assets and liabilities of the company; and (iv) the items of cost as may be prescribed under section 148 in the case of a company which belongs to any class of companies specified under that section. As per Section 2(36) of Companies Act 2013, document includes summons, notice, requisition, order, declaration, form and register, whether issued, sent or kept in pursuance of this Act or under any other law for the time being in force or otherwise, maintained on paper or in electronic form. Basis the above, it may be summarised that the document
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ained electronically, a log of every entry edited or deleted is required to be maintained. Further, proper electronic back up of all the records is required to be maintained and preserved so that in case of destruction of such records due to any reason, it may be restored within a reasonable period of time. The person maintaining electronic records is to submit the relevant records, documents in hard copy or in electronic readable format, duly authenticated by him to the appropriate authority if demanded. Further, the details of files stored electronically, password of such files and explanation for codes used etc. is also required to be provided on demand. 4. Location of maintenance of books of accounts The GST law requires every registered person to maintain the books of accounts at his places of business respectively. In case, there is multiple business locations in a State, the books of accounts pertaining to principal place of business is required to be kept at principal place of
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nt of: Manufacture of goods To maintain monthly production accounts showing quantitative details of raw material or services used in the manufacture and quantitative details of goods so manufactured including waste and by-products Inward & outward supply of goods or services Stock of goods Input tax credit availed Output tax payable and paid It should contain the details of tax payable including payable as per Section 9(3) & Section 9(4), tax collected and paid, input tax, input ta credit claimed together with a register of tax invoice, credit notes, debit notes, delivery challan issued or received during any tax period Import or export Supplies attracting payment of tax on reverse charge basis Relevant documents including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers and refund vouchers A separate account of advances received, paid and adjustments made thereto Stock of goods received and supplied It should contain p
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ame till the expiry of seventy two months (six years) from the due date of furnishing the annual return. The due date of filing of annual return is 31st December from the end of the relevant financial year. Thus, the books of accounts or other records must be preserved at least seventy nine months from the end of the relevant financial year. In case, there is any appeal or revision or investigation or any other proceeding/case going on, the books of accounts and other records pertaining to such proceeding is required to be preserved for a period of one year after final disposal of such proceeding/case or till the expiry of seventy two months from 31st December of relevant financial year, whichever is later. 7. Conclusion From the above, it is derived that the GST law has extensive accounting and record keeping requirements. However, the more cumbersome excise law requirements applicable for manufacturing entities have been removed under GST law. So, it is the duty of professionals to u
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