Accounts and Records in GST by Registered person [section 35(1) or (3) or (4) or (6)]
Accounts and Records – GST Ready Reckoner
GST
Accounts and Records in GST by Registered person
Introduction
Assessment in GST is mainly focused on self-assessment by the taxpayers themselves. Every taxpayer is required to self-assess the taxes payable and furnish a return for specified tax periods i.e. the period for which return is required to be filed. The compliance verification is done by the department through scrutiny of returns, audit and/or investigation. Thus, the compliance verification is to be done through documentary checks rather than physical controls. This requires certain obligations to be cast on the taxpayer for keeping and maintaining accounts and records.
Category of person required to maintain the books of account and which place of maintenance of such books of account [section 35(1) read with rule 56 (7) & (10)]
* Section 35(1) of the CGST Act, 2017 provides
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elow shall be maintained by composition taxpayer as well as normal taxpayer under section 9 of CGST act.
* Section 35(1) of the CGST Act, 2017 provides a true and correct account of following to be maintained by the every registered person
a) production or manufacture of goods;
b) inward and outward supply of goods or services or both;
c) stock of goods;
d) input tax credit availed;
e) output tax payable and paid; and
f) such other particulars as may be prescribed under rule 56(1)
* Every registered person shall keep and maintain, in addition to the particulars mentioned in section 35(1), a true and correct account of
(a) the goods or services imported or exported or
(b) supplies attracting payment of tax on reverse charge along with the relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers and refund vouchers. [Rule 56(1)]
* Records of advance [Rule
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such goods have been supplied by the registered person.
Additional records to be maintained by registered persons ” other than composition dealers”
(i) Stock records [Rule 56(2)]
* Every registered person, other than a person paying tax under section 10, shall maintain the accounts of stock in respect of
* goods received and supplied by him, and
* such accounts shall contain particulars of the
opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample and
the balance of stock including raw materials, finished goods, scrap and wastage thereof.
(ii) Accounts & details of computation of tax [Rule 56(4)]
* Every registered person, other than a person paying tax under section 10, shall keep and maintain an account, containing the details of
* tax payable (including tax payable in accordance with the provisions of section 9(3) and (4),
* tax collected and paid,
* input tax, input tax credit claimed,
* to
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