Accounts & Records To Be Maintained Under GST (Sec. 35, 36 & Rules 56 to 58 of CGST Act)
By: – CA.VINOD CHAURASIA
Goods and Services Tax – GST
Dated:- 22-8-2017
Accounts & Records To Be Maintained Under GST (Sec. 35, 36 & Rules 56 to 58 of CGST Act)
Sec. 35 (1) – Every registered person shall keep and maintain at his Principle Place of Business, true and correct account of:
* Production or manufacture of goods;
* Inward and outward of goods or services or both;
* Stock of goods;
* Input tax credit availed;
* Output tax payable and paid; and
* Such other particulars as be prescribed
In case of multiple place of business, such related accounts records or accounts are to be kept and maintained at such place of business.
These accounts and records may also be kept and maintained in electronic form as per the manner prescribed.
Sec 35(3) – The commissioner may also notify additional accounts or documents to be maintained by such specified class of taxable per
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ain books of account or other records will maintain the books for at least 72 months, counted from the last date of filing of Annual Return.
In case of appeal or revision or any other proceedings or investigation, such records shall be retained for a period of 1 year after disposal of such appeal or revision or proceedings or investigation or for the period as specified above.
ACCOUNTS AND RECORDS RULES
Rule 56. Maintenance of accounts by registered persons.-
(1) Every registered person shall keep and maintain, in addition to the particulars mentioned in sub-section (1) of section 35, a true and correct account of the:
* goods or services imported or exported,
* supplies attracting payment of tax on reverse charge along with the relevant documents, including invoices,
* bill of supply,
* delivery challans,
* credit notes,
* debit notes,
* receipt vouchers,
* payment vouchers and
* refund vouchers.
(2) Every registered person, other than Composition dealer, shall
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ervices chargeable to tax under the Act;
(b) names and complete addresses of the persons to whom he has supplied goods or services, where required under the provisions of this Chapter;
(c) the complete address of the premises where goods are stored by him, including goods stored during transit along with the particulars of the stock stored therein.
(6) If any taxable goods are found to be stored at any place(s) other than those declared under sub-rule (5) without the cover of any valid documents, the proper officer shall determine the amount of tax payable on such goods as if such goods have been supplied by the registered person.
(7) Every registered person shall keep the books of account at the principal place of business and books of account relating to additional place of business mentioned in his certificate of registration and such books of account shall include any electronic form of data stored on any electronic device.
(8) Any entry in registers, accounts and documents
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applicable) of goods or services received on behalf of every principal;
(c) particulars including description, value and quantity (wherever applicable) of goods or services supplied on behalf of every principal;
(d) details of accounts furnished to every principal; and
(e) tax paid on receipts or on supply of goods or services effected on behalf of every principal.
(12) Every registered person manufacturing goods shall maintain monthly production accounts showing quantitative details of:
* raw materials or services used in the manufacture and
* the goods so manufactured including the waste and by products thereof.
(13) Every registered person supplying services shall maintain the accounts showing quantitative details of:
* goods used in the provision of services,
* details of input services utilised and
* the services supplied.
(14) Every registered person executing works contract shall keep separate accounts for works contract showing –
(a) the names and addresse
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kept at every related place of business mentioned in the certificate of registration and shall be accessible at every related place of business where such accounts and documents are maintained digitally.
(17) 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 behalf of such registered person and shall produce the details thereof as and when required by the proper officer.
(18) Every registered person shall, on demand, produce the books of accounts which he is required to maintain under any law for the time being in force.
Rule 57. Generation and maintenance of electronic records.-
(1) Proper electronic back-up of records shall be maintained and preserved in such manner that, in the event of destruction of such records due to accidents or natural causes, the informat
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