Are we maintaining documents and records as required under GST Laws? \u2013 A Big Question
By: – Anuj Bansal
Goods and Services Tax – GST
Dated:- 2-4-2018<\/p>\n
By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc. The department is silent and accepting all the returns, etc., without raising much issues. The intention is to provide a breathing or settling time to industry. However, till date no attention is given to the documents or records maintained or to be maintained in order to support the details \/ data furnished in our returns, etc. For example, if the ITC relating to gifts, loss of goods, etc., is reversed, whether we are recording such gifts \/ loss in our stock register, as required under Rule 56(2) of the CGST Rules. Similarly, whether we are maintaining electronic back-up of all our documents \/ records, as required under Rule 57 of the CGST Rules. In other words, the department <\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n hly production accounts showing quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n plicable) of goods or services received for the execution of works contract; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e cover of any valid documents, the officer shall determine the amount of tax payable, as if such goods have been supplied by the registered person. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Are we maintaining documents and records as required under GST Laws? \u2013 A Big QuestionBy: – Anuj BansalGoods and Services Tax – GSTDated:- 2-4-2018 By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc. The department is silent and accepting all … Continue reading “Are we maintaining documents and records as required under GST Laws? \u2013 A Big Question”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-11242","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11242"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11242\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n\tInward and outward supply of goods or services or both;
\n\tStock of goods – Accounts of stock in respect of goods received and supplied, and such accounts shall contain the following particulars:
\n * Opening balance,
\n * Receipt,
\n * Supply,
\n * Goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample
\n * Balance of stock
\nabove stock shall be maintained for each of the items like raw materials, finished goods, scrap, wastage, etc.
\n\tAccount of the goods or services imported or exported or of 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.
\n\tEvery registered person shall keep a<\/p>\n
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\n * description, value and quantity (wherever applicable) of goods or services utilized in the execution of works contract;
\n * the details of payment received in respect of each works contract; and
\n * the names and addresses of suppliers from whom he received goods or services.
\n\tEvery agent shall maintain accounts depicting the,-
\n * Particulars of authorization received by him from each principal to receive or supply goods or services on behalf of such principal separately;
\n * Particulars including description, value and quantity (wherever applicable) of goods or services received on behalf of every principal;
\n * Particulars including description, value and quantity (wherever applicable) of goods or services supplied on behalf of every principal;
\n * Details of accounts furnished to every principal; and
\n * Tax paid on receipts or on supply of goods or services effected on behalf of every principal.
\n\tEv<\/p>\n
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\n\tIn any documents or books of accounts belonging to the registered person are found at any premises other than those mentioned in the certificate of registration, they shall be presumed to be maintained by the said registered person.
\n\tEvery registered person shall produce the books of accounts which he is required to maintain under any law for the time being in force.
\nDocuments shall be maintained at:
\nDocuments shall be kept and maintained at the registered place of business, as specified in Registration certificate. However, incase, where there are more than one place of business in the certificate of registration, the accounts relating to each such place of business shall be maintained.
\nMoreover, the documents may be kept and maintained in electronic form and the record so maintained electronically shall be authenticated by means of<\/p>\n
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